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This market is acting almost exactly as it did in October and November. Almost every day is down, and almost every rally is quickly overwhelmed by a huge wave of selling to reverse the gains. Once we took out the November lows and broke out of the 7800-9000 range on the Dow, it looks like a return to meltdown mode.
Anyone have a good feel for whether this deleveraging in the hedgies is still going on?
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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