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July 11, 2013

The Bernanke Backtrack

A little earlier in the daily equity cycle... when we were still uncertain whether prices would extend lower into an ICL or prove 24-Jun to hold merely a DCL... I mentioned that in the latter case, stocks would have to move rapidly to new highs in order to satisfy the need for a RT daily cycle to be followed by a higher high while still giving the new cycle time to roll over and fail. That first sentence is a mouthful, so let's review ...

 

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