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That push down on Thursday on US markets and today’s rebound 

off major support levels will probably send markets in a 

massive consolidation phase into September. I don’t think those 

lows will break lower again this month… (Spi) Yesterday’s drop 

into 5650 and my view is that the market will rotate back to 5950.


 Ideally I would like the market to come down Friday and form a 

base and rise up from a lower weekly open, this will give traders 

a much better option to capture any advance up move. 

(August 17th 2007)




Monday opened above the 3-week 50% level @ 5749, it was above

this level for the first time in a few weeks, with the break of

 the 3-day average highs (5784-805) sending the market back towards

 major distribution zones on the SPI around 5950.


I’m still looking for consolidation into September with

massive swings in the market on a daily basis…..


Frank Dilernia


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