Back to Square One

There are a million stories behind this chart, it has truly been a year which can be separated into a few different phases: Uptrend, sideways oscillation, downtrend, violent range with failed breakdowns/breakouts. After all has been said and done, through the various crises (Egypt, Fukushima, eurozone, US debt ceiling) and the various moments of euphoria ( QE2/POMO/BTFD, Bin Laden, Operation Twist, and the various “eurozone debt crisis is fixed” announcements) we are essentially back to where we started 2011. It is fitting that the year is ending not only near where it began in terms of the S&P 500 but the market is also dealing with the same problems it was dealing with when the year began. It promises to be an action packed race to the finish during these final four weeks of 2011 in which there is no clear consensus among market participants other than the growing contingent of “Santa Claus rally” proponents and the ever present group of skeptics.

 

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