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Re-entry

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  • All the internal indicators that I track remain stuck in neutral. No shocker given action while I was out.
  • The Hong Kong Fooey Correction continues. Again, there was another excuse for heavy selling with the blackout but nothing happened - remember this correction thesis is that great reasons for a sell off come up and very little happens until the range is broken one way or another and buying enthusiasm comes in.
  • IT IS GOOD WHEN MMM and FDX MAKE NEW ALL TIME HIGHS.
  • I specifically remember an institution telling me in early 1995 that "I was too bullish and it didn't matter that MMM was making a new all time high because very little else was and the market was very overbought."
  • There continues to be no reason to act from a broad market standpoint.during the Hong Kong Fooey correction because the range is so tight. The bulls would say "there are no sellers," while the bears could say "there are no buyers."
  • If you find yourself focused on every tick and think you have lost perspective...turn off the quotes and scroll through the weekly charts...very interesting stuff there.



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Wow did I miss my Daisy
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