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It's very possible we are still in the terminal stage of an equity bull run, that's why I think it's a good time to set up long-term short positions. From the chart below, clearly the uptrend that started in Mar09 is slowly running out steam. The SPX movement since Dec09 has been restricted in a very narrow channel, the short-term trend has continued approaching to and is now almost in tandem with the long-term bottom trend line, and most ominously the important characteristic of a healthy stock market - wave, seems having disappeared since early Dec09.
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