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Recent Market Action Means Consolidation Is Coming
Well I have to say that the bulls did an exceptional job last week. A big move out of that lateral channel the previous week left the indices extended to the upside and up against significant lateral resistance at the November highs. But while a sell-the-news reaction to a big gap higher after the Bush-era tax cut extension was announced stocks just continued to chug higher. To say that we’ve had a very complacent environment recently would be an understatement. The dismal jobs number continuing debt problems in Europe and the ever-present threat of further efforts out of China ...
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