My first assumption from yesterday EEM stood true, it seems that there was alot of buying in yesterdays decline. it showed today. Even though Spain got downgraded by the S&P the market still rallied showing strength. At this point I have no confirmed bias unless yesterdays high or low are taken out, after all the action today was as inside day. We didnt make any new lows and we certainly didnt make new highs but after all the bearishness from yesterday, the way the market held today implies strenght and nothing else. Even though fundementals were obviously pointing otherwise.
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