Securities Research Services

Tuesday, November 11, 2008

Too Many Still Looking For Upside

Sentiment continues to be unfavorable for the bulls. Even as the market struggled yesterday more became convinced of upside potential. This overly bullish sentiment does not bode well for SPY support, which stands at $90. A break below that level will very likely lead to a retest of last month's lows and could potentially lead to a breakdown and the possibility of a true capitulation event.

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