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The Potential of a Retest

10/21/2014 6:15:01 AM

Good morning Traders,

As we survey this morning's data, here's what we see:

QQQ Timing Indicator

The potential of a retest always exists. And we're still a bit cautious as even with the up date Monday, the number of new highs contracted:

NASDAQ New Highs versus New Lows

So at the end of the day, this rally will be dictated by bonds:

QQQ Relative Strength versus Bonds Spread

If bonds move lower, stocks can break previous highs. That's what we're looking for.

On the Stock Options, I'd prefer to see a retest before recommending trades in our Stock Options Speculator.

Regards,

 

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