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Y2004 has turned out to be just like the previous two years ending in
four, sideways.
Considering that the market can only go one of three ways, when the
SP500 decides to
breakout of it's nine month trading range, it'll be either up or down.
Spending nine months in a sideways fashion AND one of the narrowest
ranges in decades,
the coil is wound pretty hard.
Some point to a low VIX, VXO, VXN yet we've seen and can trade down to
the 8s and 9s.
So one has to decide if its an accumulation or distribution phase.
http://www.investopedia.com/articles/technical/04/050504.asp
Low volatility and low volume are the tell-tale signs... One is never
bored at a top.
As long as prices remain above the blue line, the trend is still up
from breaking the
red line back at 870.
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Bantz, breeding bears into bulls...
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