Analysis:
Today the market dropped only to 1,219 before bouncing back to finish higher with no market-driving news. Looking ahead to tomorrow, the Initial Jobless Claims will hover around 430,000. The market will trade in a range as its breakaway from 1,228 is checked by lingering concerns about European economic strength and China's imminent tightening of monetary policy on Friday. The longer the market fails to break away from 1,228, the more violent the downward reaction will become.
Strategy:
Hold short at 1,217
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