June 15, 2011

Short-term: 1 green, 2 yellow, 1 red
Intermediate-term: 4 red
Composite: Bearish

No follow through on an up day yesterday and deteriorated further today. Complete absence of buying pressure. I can’t see any reason yet why buyers would step in for any trading period longer than an intraday bounce. Valuation nowhere near solid enough for shorts (who may not exist much anymore anyway) to step in and cover.

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