Market Review Yesterday we had a short bias on risk but in hindsight our entries were too conservative except fro Crude which if you had rolled onto the June contract the entry short defined the high of the afternoon prior to the 150 tick sell off. The session overall was erratic with moves in both directions across most asset classes. Peripheral yields were dropping, US earnings were mixed with IBM coming under heavy pressure but Microsoft and Halliburton went the other way to offset this.
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We expect this to operate as solid resistance