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November 1, 2010

Gap Fade

Nothing happened today, and I suspect that tomorrow, nothing will continue happening. All markets are basically on impulse power (to borrow the second sci-fi reference of tonight's letter from Star Trek) and will likely drift sideways into Wednesday when they can react to both election results and an FOMC statement. I use the term "react" loosely because news rarely matters to market action. Stocks, gold, and the dollar already know where they want to go. This pre-event chopfest is driven by ...


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