Good riddance to this decade. Happy New Year to you.

Posted on Dec 31, 2009 by in Letters

As is obvious the sidewave continues, and as we predicted tight coiling volatility was followed by explosive volatility.  Nevertheless today's long down day, as can be seen has little if any impact on the pattern (although we don't like the impact it has on the value of our portfolio.  We just grin and bear it.).    Before the downdraft the Dow had actually managed to make a new high and appeared to be drifting out of the rectangle.

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