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April 11, 2013

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This market long ago traversed the annoying phase. Many weeks were then spent in frustration mode. Insidiousness did its quick and dirty work, and we are now in the worst phase of all: just plain not fun. I have no idea what will be required for the PM complex to print a bottom. Major lows usually arrive with panic sells that refect the capitulation of the last of the stubborn bulls. This action now feels like ...

 

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