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Posted on June 27, 2008

Well, there has been a roundtrip back to the Jan. / Mar. '08 closinglows. The rally off the Mar. lows was a bit of a rocket, but it lasteda couple of months and provided solid trades. The news needed toratify it as the opening run of a cyclical recovery -- evidence inflationwas set to moderate plus evidence that earnings would soon beturning the corner -- was not forthcoming. So, the market has fallenback.There could have been a panicky downside breakaway move today,but there wasn't. There could have been a hard driving rally offimportant double support, but there wasn't. The SP 500, now near1...

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earnings , lows , oil , oil price