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December 28, 2010

Noise Levels

Don't you just hate it when markets don't do what you tell them to do? The industry has a word for such action. It's called noise, and until one of the lines we drew in the mid-day letter are crossed, I am viewing all these wiggles as only noise. The primary level we are watching, of course, is the low of the dollar's previous daily cycle. A drop below that level produces ...

 

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