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January 31, 2013 at 09:18 AM EST
Minyanville's T3 Morning Market Call: Will Yesterday's Weakness Lead to a Deeper Correction?
Futures are off a bit this morning giving some small downside follow-through to yesterday’s weakness. If you have been watching the 8- and 21-day moving averages closely like I have you saw some groups actually break and close below. The catalyst for some of yesterday's selling was a weak GDP reading before the open. The Fed as expected did nothing to change the status quo in its 2:15 p.m. ET rate   The questions are: Will others follow suit and break their 8-day moving average and can we be a buyer at the 21-day or the 50-day?  At this point we don’t ...
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