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May 7, 2008 Stock Market Recap

Posted on May 07, 2008

The sellers stepped their game up today and wiped out most of last Thursday s gains. Yesterday I was surprised that stocks traded opposite the dollar. That dynamic continued today and oil traded up along with the dollar. I m not sure what to make of that but it is a notable change of character. What I do know is that the indices are heading for some important support levels.The Dow dove 1.6% after toying with its 200-day moving average for the fourth session in a row. 12,850 looks like an important level because the March trendline crosses February support/resistance in that area.Th...

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