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To: The Freep who wrote (131221)	3/24/2006 11:00:14 PM
From: skinowski	Respond to of 209892

Would you consider that a rally, or do you say "no" because it's been choppy? Looks like following the initial run up to the early 2004 top SPX actually had... three rallies, starting: 1) in Aug 2004, 2)April 2005, and 3)last October. The middle rally is the shortest, which is a big no-no for a 3rd wave (including 3rd of an ED)... and yes, the entire thing contains overlaps. When all is said and done, it will probably prove to be one of those ABC-X-ABC-X-ABC choppy corrective jobs. Otoh, maybe the advance will accelerate up, just as bulls expect -- that's not impossible... as FA'ers would say, stocks represent ownership of real companies, of real assets.... so, it could happen that their prices may try catching up with the price of Gold - or, for that matter, with the costs of housing in LA...... My guess is that the story for the near future is more likely to be of a deflationary nature... but up until today there is not much evidence which would confirm this opinion.