Sideways sidewinder. SPX, FXE

Posted on Nov 03, 2010 by in Letters$SPX&p=D&yr=0&mn=6&dy=0&id=p35413284069&a=207879904

It may be too early to say so, but it appears that the sideways drift in the major indices may qualify as a sidewave, thus replacing the anticipated downwave.  The muted reaction to the election results and to Fed announcements just confirms what we already knew -- that the election was totally discounted by the market.  Now it will have to find something else to discount.  Or some news excuse to break out of this narrow range.

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