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Yesterday, the SPDR S&P Bank ETF (KBE) formed a massive reversal candle, as it tested the four day high, but reversed to close near the nine day low. A volume fueled move below yesterday’s low of $21.40 could present a short entry trigger for this ETF. UNG performed well on Friday, but volume was light and has been declining over the past two days. We would have liked to have seen volume expand on the breakout. Consequently, we are raising our stop in UNG. Trade specifics can be found in the open positions segment of the newsletter. The market continues to struggle in finding a direction and yesterday’s distribution suggests market bears could soon gain control of the action. Given Friday’s higher volume selling, we would expect to see follow through to the downside, at least at the open, on Monday.

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