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August 23, 2011

Change of Character

The Docfolio is now long the S&P 500. When the market does exactly the opposite of what the recent chart action suggests it may do, the prudent course of action is to consider a violent move in the other direction. Stocks have hammered on the SPX 1120 level in 6 sessions over the past 2 weeks without more than a marginal close below. Yesterday's failed rally made the market look ...


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