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Getting "hair"y


The one aspect of this market that I find the most interesting is the number of folks who are looking for what could go wrong vs. what could go right. I clearly understand that given the amount of gain from the low, but when you put it in context of the recent breakout of the well defined trading range in the Dow Jones Industrials (DJIA) and S&P 500 (SPX), the gains don't seem so dramatic - especially when looking at the longer-term charts.

In my view, the market remains in a transition phase and the action today again reinforces that during the transition from perception to reality, there is a great deal of choppiness. Over the past three years, the second half recovery was the dream that became a nightmare. As Brian and I have tried to convey, there are some fundamental and technical differences that suggest the dream may become reality. Maybe, just maybe, it could be time to look for what could go right.

As you know, I expect a lot of volatility for the next couple months during this transition phase where on any given day it feels like the tape is going to break out or breakdown and at the end of the week or month very little progress is made in either direction. What reinforces this sector corrects while another moves.
Kevin - as you will is overrated...just ask Daisy
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