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Market Commentary

By Lawrence G. McMillan

The stock market has remained in a fairly tight range ever since breaking out over resistance at 3185 in mid-July. This has had the effect of reducing realized volatility (more about that later), as well as frustrating both bulls and bears. There is overheard resistance at 3280 (the July highs) and there is support at 3185 and below that, at 3155.

Equity-only put-call ratios continue to make new relative lows. The standard ratio is chipping away at those January 2004 numbers, and is thus the most overbought it's been in 16-1/2 years. As overbought as these are, they are not yet on sell signals.

Market breadth has been back and forth....

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