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June 30, 2009 / Jeb

DIA Turning Over, Shorting Trade Opportunity

DIA

I have been saying since the end of May that this rally is losing steam on low volume and creating a rounding top pattern which shows weakness.  I recommended being careful especially as DIA was encountering resistance at 9000.

Now the Dow Jones is creating a clear head and shoulders pattern and a break below 82.75 on the DIA will break the neck.  Daily price and volume is quite bearish.

I would start looking at DOG and DXD which are inverse etf’s to protect yourself from the next move down.

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