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Something to Consider

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Despite the market's inability to break out above the 2004 highs, there is still a window of opportunity for further gains. But I'll argue the potential for an important turn in the market is increasing. There are two dates that could mark a potential change in trend. The most important is still more than a month away: April 25, 2005 represents the 639th trading day off the October 2002 low. Why is that significant? Because the bear market decline from top to bottom lasted 639 trading days.

Another is March 18 - option expiration. The table below illustrates a fairly positive bias into the March expiration and a negative bias thereafter. If Hoofy can manage a breakout above the '04 highs, look for a potential turn surrounding the expiration.

No positions in stocks mentioned.

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