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Thursday, July 07, 2005

Negitive Sentiment

6am est - Alarm goes off - "There have been explosions around London" said the voice on the radio. I thought I was still dreaming.

7am - Check the quotes and everything is inverted, dow & nasdaq futures down 140 & 22. Mood was somber, but I did not feel uneasy.

Sometime later - jobless claims not good.

4pm - Dow up 31, Nasdaq up 7

When you have a day where there is very bad news, so bad that no one would doubt the direction as to which the market will go, and just the opposite happens. Capitulation. When the sentiment is so negitive that everyone who wanted to sell has sold, there is no place for the market to go but up. That is what we witnessed today.

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