Analysis:
Yesterday's Analysis predicted that "the market will drop to find a support level upon Cisco's disappointing earnings guidance." Today the market dropped towards 1,200 before closing five points lower. Looking ahead to tomorrow, the Consumer Sentiment will not increase surprisingly. The market will continue to drift lower to find a near-term support level on the backdrop of the weakening Euro, and such a market retreat may provide a buying opportunity.
Strategy:
Long bias
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