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Pastimes : The Philosophical Porch

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From: Rarebird	7/11/2008 8:42:19 AM
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Transcendental Market Fragments: The Market: I have been looking for the market to be trapped in a choppy trading range short term and that range bound behavior has been evident this week. The bears are calling for a crash while the bulls are eager to buy before the big rally they know will happen. If you're not a day trader, though, the intraday moves will make you dizzy. This market needs time to build a good base even if it isn't going lower. What is more important than my 1230 S&P target (with a possible overshoot to 1205), is the timing or when to start accumulating positions: July 31, 2008. Even if my target is reached earlier than my buy date, a retest will likely ensue by the buy date. When it is time to buy, it is crucial that an intermediate term bottom is in place and positions are ready for take off. There are some good values out there. But be patient.They will likely become even better values by July 31.

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