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November 24, 2013

Stretch Marks

Stocks have pulled off another unlikely recovery. Back in early October, the SPX lost its 65DMA while an ongoing daily cycle decline was still short of its timing band. Rather than continue lower into a failed daily cycle, as would be expected from such a setup, stocks formed a low shy of the normal timing band and headed north for new highs. This week stocks were once again approaching their timing band for a low when they broke a well-defined trend line. In most such setups stocks would ...

 

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