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Market Commentary

By Lawrence G. McMillan

The stock market’s rally yesterday was beyond strong; it was downright Herculean.  The shorts have been crushed, just a week after they seemed to be in control of things.  But are the bulls on safe ground here, or is the market poised to lurch downward again?  That’s a tough question to answer, but it certainly does seem that things are a bit overdone on the upside and some backing a filling is needed – at a minimum.

The $SPX chart is still negative.  That is, the downtrend line from the September highs is still intact, and there is still a lot of overhead resistance up to 1960 or so.  It would take a close...

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