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August 19, 2010 / Jeb

Fronteer Gold (FRG) Breakout On Long Canyon Results

The S&P 500 broke out of a bearish rising wedge pattern last week after failing to hold the 200 day moving average four different times.    My bearish views were confirmed last week with a high volume breakdown after the Federal Reserve gave a sour report on the state of the economy.  Trading became highly volatile before the announcement.  In previously published articles, I warned that the Fed would ease and do everything within their power to flood the markets with cash, which has been bullish for gold and mining stocks.  The several gap downs on the S&P are hard to short as the market may rally to try to fill those gaps.    Although I have downside targets, I would look for a countertrend days to enter if going short.

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