The DIAMONDS Trust (AMEX:DIA) looks as though its putting in a double top after yesterday's action. If this slide continues, it looks like the first support would be in the 132 range. If this base line is breached, the diamonds could go as low as 127 before finding any strong support.
Helping fuel this recent selloff is the increase in the 10 year rate, profit taking for the 2nd Quarter, and worries about the CDO market and possible impact of large scale repricing.
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