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Over the past several days, we have been clearly explaining that our current plan of action is to wait for the weakest ETFs and stocks to bounce into significant technical resistance levels, such as moving averages and prior lows, and then wait for the bearish reversal patterns as a signal to initiate new short positions (and/or buy inversely correlated “short ETFs”). As such, we were pleased with yesterday’s rally because it puts us closer to getting back into the market with new swing trades (albeit likely on the short side).

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