BullBear Trading: Stock and Financial Market Technical Analysis

June 2011: Recognizing the Start of a Long Term Bear Market

I turned long term bearish exactly one year ago today.  Below is the complete BullBear Market Report in which I accurately called the long term top.  While big cap US stocks did go on to a higher B wave high (which I also called in October 2011), global risk asset markets clearly made their primary top in February of 2011.

It's important to re-evaluate and check one's market position against the unfolding reality of the markets and the available data.  Currently, bulls are showing an extreme attachment to their established view and are highly resistant to considering the facts of the situation at hand.  That's likely to exact a heavy price in the very near term future.




INTRODUCTION

In the last BullBear Market Report, I called for a significant correction to begin and announced that I had closed all long positions and initiated a short position.  My current analysis suggests that that continues to be the correct view of the market, but that the topping process is still in progress and that substantial downside may yet be a few weeks away.  I'm back to 100% cash and awaiting a good shorting opportunity.  I've changed my market stance from Bullish on all time frames to long and intermediate term Bearish and short term Bullish.

It's important for readers to note that I am not a permabear.  In fact just a month ago I was 100% long and firmly bullish in my outlook.  But I think it's crucial for traders to practice non-attachment to views.  Rigid self identification as "Bullish" or Bearish" is a major hindrance for any market participant.  It's important to be able to let go of an established view when the market reality changes.  Zen master Thich Nhat Hanh says:

"We must not be attached to a view or a doctrine, even a Buddhist one... The Buddha said that if in a certain moment or place you adopt something as the absolute truth and you attach to that…then you will no longer have any chance to reach the truth. Even when the truth comes and knocks on your door, and asks you to open the door, you won't recognize it. So you must not be too attached to dogma - to what you believe, and to what you perceive." Thich Nhat Hanh

 

That doesn't mean we should throw out an established view casually either.  But views should be constantly tested and probed for weaknesses using objective criteria and analysis.  During solid market trends, such probing finds confirmation of the view.  But during the process of a market trend change, eventually probing reveals weaknesses and soft spots which over time develop into a reversal.  It's very possible we are already well into that process now and that a trend change is looming.

Markets are fundamentally driven by the dynamic between buyers and sellers, supply and demand.  That includes the capital markets.  So ultimately it is a game based on liquidity.  Whether liquidity flows into a market depends upon the available pool of capital as well as the psychological willingness of participants to risk that capital in the given market.  When the pool has run low and most participants are already in the pool, the trade is crowded and it will inevitably reverse.  The extent and duration of the reversal depends on depth of the imbalance.  Eventually the pool will become relatively full and will look enticing and market participants will start to dip their toes in the water once again, eventually climbing back in for a swim.

When I analyze a market, my process proceeds from the What and then to the When and lastly the Why of that particular market.  What is the market doing, when is it going to do it and then finally why is it doing what it's doing.  I first concern myself with What a market is doing: is there an identifiable trend or is there a topping or bottoming process?  Then I focus on When: is the market likely to continue its trend for a given time frame or is due to reverse or consolidate sideways?  In the process of doing what it is doing when it does it, the market eventually reveals why it is doing it.  As that process is unfolding I try to identify the motive forces for the move to evaluate its durability and potential extent.

When I turned bullish in March of 2009 and again in September 2010, I put forward a set of criteria that could both explain the apparent bull market and potentially underly its perpetuation.  Evaluating these criteria now I find that they are, at this time, unverified by market action.  This, together with the technical action of the markets at their current state of development, forces a reevaluation of my market position.

My set of criteria for a continued bull market at this stage of the game:

  1. Emergence of a leading economic growth sector, most likely Green/Clean Technology and other Tech
  2. Leadership from BRIC and Emerging Market sectors
  3. Re-initiation of currency carry trades, most likely Yen carry trade
  4. Flight of capital from low yielding bonds to risk assets
  5. Eventual, gradual broadening of participation in the bull market from professionals and institutions to the general investor population and eventually the general public.
  6. Technical condition of the market remains healthy

At this time I am not seeing any of these criteria being met.  Recently, most of the above were approaching or exceeding levels in keeping with a bullish view or were at least showing signs of moving in a bullish direction.  But all have effectively reversed or aborted at this point.  In this report I will detail and evidence this with research and analysis.  Here's a brief synopsis of my findings:

 

1.  NO LEADING GROWTH SECTOR: If stocks are in the third wave of a bull market, at this stage we should expect to see certain effects in the underlying economic fundamentals that confirm that price action.  One of the criteria I was watching for was a Green/Clean Technology investment boom.  Any sustainable economic recovery and concomitant bull market in stocks would require a leading growth sector.  That sector should add value to the economy, increase productivity, produce real job growth and stimulate activity across the rest of the economy while also providing leadership in the general stocks bull market.  The Housing industry and associated stocks served this role in the 2003-2007 bull run.  This time around, we were promised by government and Wall Street that the road to economic renewal would be paved by Green investment.  So far there are no signs of a broad based move by the private and public sectors to invest in such technologies and infrastructure.  The ETFs that track Green investments have recently broken down after repeatedly threatening to break out, indicating that a stock investment boom in Green Tech is not happening at this time.  Absent a leading growth sector, the move off the March 2009 low then becomes a purely liquidity driven rally.

 

2. NO LEADERSHIP FROM EMERGING MARKETS AND BRIC:  If the US domestic market has no leading growth sector to propel the economy and stock market forward, perhaps the engine of forward progress could be found in the BRIC and Emerging Markets.  I'd be willing to accept that hypothesis, but at this point rather than leading the way up, BRIC markets are actually leading the way down with many Emerging M....


3. NO YEN CARRY TRADE:  After the Japanese Yen spiked to an all time high in the wake of the recent earthquake and tsunami and world monetary authorities initiated a coordinated intervention, many speculated that the Yen would then reverse and become the target of the carry trade once again.  The Yen carry trade had been a major funding source for risk trades in prior bull phases.  This hasn't really come to pass yet, and the Yen is not far off its all time highs.

 

4. NO BOND BEAR MARKET:  In a protracted, sustained bull market in risk assets, bonds should suffer as investors leave the perceived safety of the debt markets for riskier plays.  While the 30 Year Treasury and other sectors of the bond market has flirted with significant intermediate and long term levels, the Total Bond Market is back to a new all time high. 

 

5.  NO GENERAL INVESTOR PARTICIPATION:   While professionals are totally committed to the bull, the general investor community remains reticent in spite of some positive stock mutual fund flows in the early 2011 time frame.  The general public is still completely out of the markets.  While this is theoretically bullish since that means there is still a large untapped cache of buying power on the sidelines, it may not work out that way if psychology is so damaged that non-professionals simply will not take on risk at this time and there are insufficient contingent circumstances that will force them to do so.

 

6.  DETERIORATING TECHNICAL CONDITIONS: SPX is either well into the major 3rd wave of a bull market and in the process of an intermedia....  The emerging technical underlying technical conditions suggest that the top of the move off the March 2009 low has either been achieved or will be shortly.  The first warning shot across the bow was the Commodities Crash of early May.  Breadth deterioration began in February and now significant divergences between market price and breadth indicators have emerged.  Sentiment has turned broadly bullish for the first time, generally a contrarian indication.

 

Overall, the circumstances outline above together with a number of other factors--end of QE2, summer seasonality, waning bullish economic news, bearish news items out of Europe--combine to set the stage for a significant correction or even the resumption of the bear market.  We'll have to see how the market actually performs in the weeks and months ahead, but I am actually leaning in the direction of calling the March 2009-Februrary 2011 move a three wave ABC bear market rally.  In that context the next probable move would be a three wave  partial retracement of that move to put in a final bear market bottom.

Traders should keep in mind that topping is a process and SPX may be in the early stages.  False breaks, false starts and sharp counter rallies may be common as shares are gradually distributed.  I'm leaning towards a week or two of mild, grinding upside pressure with a top in the 1340-1380 zone.  Then again, the market is set up such that the wrong news out of Europe could break support and initiate a cascade of selling pressure. 

 

ANALYSIS

 

1.  NO LEADING GROWTH SECTOR

 If stocks are in the third wave of a bull market, at this stage we should expect to see certain effects in the underlying economic fundamentals that confirm that price action.  Note that I am not relying upon fundamentalism here.  I am saying that true bullish price action should eventually be followed (not led) by action in the underlying fundamentals.  It's possible that we are still early in the bull cycle and that as yet fundamentals have not caught up with stock prices.  That would have to mean that we are now somewhere in the third wave of the FIRST wave of a MUCH larger multi decade bull market.  While this is possible, the overall weight of the evidence at this time makes that unlikely.  At this stage of a bull market--optimistically at the cusp of the 3rd of 3rd impulse wave--we should be seeing some signs of growth in capital expenditures in new plant and technology and the emergence of leading growth sectors in the domestic economy.  So far I am seeing nothing of the sort and the current price action in stocks is suggesting that we are not likely to see it any time soon.

One of the criteria I was watching for was a Green/Clean Technology investment boom.  Any sustainable economic recovery and concomitant bull market in stocks would require a leading growth sector.  That sector should add value to the economy, increase productivity, produce real job growth and stimulate activity across the rest of the economy while also providing leadership in the general stocks bull market.  The Housing industry and associated stocks served this role in the 2003-2007 bull run.  This time around, we were promised by government and Wall Street that the road to economic renewal would be paved by Green investment.  So far there are no signs of a broad based move by the private and public sectors to invest in such technologies and infrastructure.  The ETFs that track Green investments have recently broken down after repeatedly threatening to break out, indicating that a stock investment boom in Green Tech is not happening at this time.

The next, best alternative now offered up by Wall Street is "Social Media".  The LinkedIn IPO itself and its 200% gain from its offering price may have been a sell signal.  While some minor productivity gains may result from marginal increases in information sharing technology, it's not likely to create jobs, productive capacity or add value to the economy in any meaningful way.  I think that technology will be a key driver of economic development going forward, but apparently the time for the next big leap forward, akin to the PC and IT revolutions of the 1990's, has not yet come.

Absent a leading growth sector, the move off the March 2009 low then becomes a purely liquidity driven rally.  If market liquidity reaches an impasse and the supply/demand balance tips to the bearish side then a reversal will be inevitable.  Later on in this report we will take a look at the technicals to see what they are telling us about market liquidity.

 

2. NO LEADERSHIP FROM EMERGING MARKETS AND BRIC:  If the US domestic market has no leading growth sector to propel the economy and stock market forward, perhaps the engine of forward progress could be found in the BRIC and Emerging Markets.  I'd be willing to accept that hypothesis, but at this point rather than leading the way up, BRIC markets are actually leading the way down with many Emerging M....  In fact it wasn't very long ago that we saw the EM sector breaking out after an extensive lateral consolidation in what appeared to be the beginning of a major Wave 3 move.  That has move since reversed sharply and the uptrend from the November 2008 bottom has been broken this week.

EM leadership helped turn world markets around at the bottom, but the EEM:SPY ratio shows that they led the topping process a year ago and appear to be doing so again with even more dramatic divergences.

BRIC to SPX ratio is threatening to break down from a key support level:

The mainstream bullish narrative is that if developed economies fail to grow, then the growth engine in BRIC and EM will sustain the world economy while they play catch up.  The charts don't seem to be verifying this hypothesis.

 

3. NO YEN CARRY TRADE:  After the Japanese Yen spiked to an all time high in the wake of the recent earthquake and tsunami and world monetary authorities initiated a coordinated intervention, many speculated that the Yen would then reverse and become the target of the carry trade once again.  The Yen carry trade had been a major funding source for risk trades in prior bull phases.  This hasn't really come to pass yet, and the Yen is not far off its all time highs.

If Yen manages to break higher out of its range above the blue rising tops line, it may mean that world monetary authorities have failed to force risk into the market and that de-risking is still the predominant force at play.  Right now it won't take much for this to happen.  Even a mild deflationary episode would push Yen to new highs.  A "risk on" profile would have seen a break down out of the lateral range---and indeed there was an attempt in that direction that has failed badly.

 

4. NO BOND BEAR MARKET:  In a protracted, sustained bull market in risk assets, bonds as an asset class could be expected to suffer as investors leave the perceived safety of the debt markets for riskier plays.  While the 30 Year Treasury and other sectors of the bond market has flirted with significant intermediate and long term levels, the Total Bond Market is back to a new all time high.

BND made several attempts at cracking its long term uptrend after declining rapidly from an October 2010 high as an apparent Wave 3 move in stocks unfolded.  It was reasonable to project a trend break at that time, representing a long term asset reallocation from safety to risk.  One clue that the move to support was not part of a larger bear market in bonds is that the move came in a very clear 3 wave abc sequence and it was followed by a higher high after multiple tests of the uptrend.

The US 30 Year Treasury price threatened to break down from a very long term uptrend as well.  If it had done so then we could be much more confident in an immediate continuation of a bull market in risk assets.

Unlike the previous bull phase, capital has stubbornly refused to exit the short end of the Treasury market.  If it had done so we might be more confident that capital was moving from safety to risk on an ongoing basis.

The short term Treasuries ETF is actually pushing to new all time highs:

5.  NO GENERAL INVESTOR PARTICIPATION:   Wall Street professionals remain very committed to the stocks bull as shown in the following charts.  First, the Rydex Funds Bull-Bear Spread:

Investors Intelligence Bull Ratio remains at levels higher than those associated with the 2007 top:

Consensus is showing similar persistently high levels of committment:

While professionals are totally committed to the bull, the general investor community remains reticent in spite of some positive stock mutual fund flows in the early 2011 time frame. More recently we are seeing outflows from equity funds:

Investment Company Institute (ICI) data is confirming the AMG data:

After a brief interlude, fixed income mutual fund flow continue to grow while equity fund flows continue deeper into the red:

At this stage of the game, flows to equity funds should be surging as the general investor gains confidence and commits cash to long term investments.  The exact opposite is happening.  The general public is still completely out of the markets.  While this is theoretically bullish since that means there is still a large untapped cache of buying power on the sidelines, it may not work out that way if psychology is so damaged that non-professionals simply will not take on risk at this time and there are insufficient contingent circumstances that will force them to do so.  In a normal bull cycle, first the smart money and deep pockets buys when there is blood in the streets.  Later the professionals and then the institutions follow, driving the smart money's shares higher.  After that, the general investor community is convinced to pile on, driving prices even higher.  Lastly, the public buys in near the top and is left holding the bag.  It appears the cycle has stopped with the professionals, which means that this has been a bear market rally and there is more selling yet to come.

 

While the situation described thusfar could certainly reverse and propel markets higher, the important point to be grasped here is that on every count there have been significant attempts to move in a direction that would be bullish for stocks and general asset prices that have FAILED badly and REVERSED strongly in the opposite direction.  What makes this even more inauspicious is the total failure of the trading and investing community to come to recognize and come to terms with the situation.  Trapped in attachment to to established views they may be forced to reckon with reality all of a sudden, producing a steep, sudden decline in prices as everyone heads for the exit at the same time.

The next section will be an extensive exploration of long, intermediate and short term technicals covering Elliott Wave, trend channel and technical indicators analysis.  

 

TECHNICAL INDICATORS

 

In the introduction to this report, I detailed many of the non-technical elements that should have happened and could have happened and almost happened--but that ultimately failed to happen--leading to a non-confirmation of an ongoing bull market.  Let's reiterate: I gave the bull the benefit of the doubt and argued its cause to the extent that it gave a cause to argue.  But when reality departs from argument I will have to go with reality.  Let's look at some technical factors which failed to confirm an ongoing bull market and give substantial cause to anticipate a renewed bearish environment.

First let's examine a long term chart of SPX:

Since the August/September 2010 bottom, we have been operating under the thesis that SPX was probably in a bullish Wave 3 advance.  If this is the case, there are some technical characteristics which should be present and some which should not be present.  Separately, the persistently declining volume over the course of entire run and the successive RSI divergences are not necessarily troublesome, but together they add up to a technical non-confirmation and make the move much more likely to be a C wave.  If the 50 EMA of volume starts to turn up and volume levels persist above the 50 EMA during an ongoing decline, that will probably be a long term bear signal.  If RSI declines below 30 and breaks its March 2009 low, that would also be another confirmation of a bearish shift.

Volatility Index failed, after many attempts, to break below long term support:

If the market was about to shift into a Wave iii of 3 power move, VIX would likely break support and head back to its lows as risk appetite moved to fully "on".  This threatened to happen, but did not.  An upside breakout seems more likely at this time.

One technical criteria I had for the end of the long term bear market was a downside break from the rising bottom line of the 200 EMA of the Arms Index (aka TRIN):

After spiking in August/September 2010 to a new bear market high it fell back to support rapidly and threatened to break its uptrend  After several attempts it appears to have failed and is moving higher again.  This is significant, since it means that on a long term basis there has been an internal turn in the markest such that the strength of down days is overwhelming the strength of up days.  For a primer on Arms Index, go here.

SPX as measured in terms of US Treasuries has been, until its recent failure, an indicator supportive of the bull case:

At this time the Stocks to Treasuries ratio is trading below its 200 EMA well ahead of the stock market itself.  The 20 EMA has crossed below the 50 EMA and both have turned down and have recently acted as resistance on the chart.  The proposed C wave is also very short in comparison to A and barely made a higher high.

The Emerging Markets to SPY ratio broke to new highs well ahead of SPX in September 2010 after bottoming ahead of the index as well.  Both technical events seemed to signal a new bull move both for EEM as well as US stocks.  

The failure of this breakout and the subsequent consolidation just above support may signal a major bearish turn.  With this indicator and all the others shows above, the maxim "When a market doesn't do what it should do when it should do it then it is probably about to do the exact opposite in a big way" is applicable.  Nothing is more bearish than a failed bullish signal.

BRIC to SPX ratio failed to make a higher high after the 2010 bottom and is flirting with long term support:

Like EEM:SPY and BIK:SPY, many other indicators are testing and probing key long term levels and threatening to give a long term bearish signal.  Let's look at some of the many charts that are set up for a bear turn very soon.

The 50 EMA of Advances-Declines is approaching its key support zone from which intermediate term rallies have been initiated many times since March 2009:

Of course, it's possible that it may rally sharply off this support zone again and the market may reverse.  But there are some signs that that is not what is going to happen this time.  First, note that the indicator has made lower highs as the market made higher highs--a bearish divergence.  Second, note that the indicator recently bounced off of support but failed to attain a new high before heading back down again.  Also note that the indicator is now nearly at its support level after a minor sell off in the market.  This means that if the market breaks support this week the indicator is likely to also break through support and head back down to its May or July 2010 lows or below.  This would likely represent a bearish range shift for this indicator and the markets.

Many other indicators are set up in a very similar fashion:

 

Many of these indicators are also showing bearish divergences and failed breakout attempts as well.

Nasdaq Summation Index shows a profile that is very common among the technical charts at this time:

It has rolled over to support after failing from both long term and intermediate term bearish divergences.  Keep in mind that chances are we are in the early stages, not the ending stages, of a decline.  That means on these indicators the break from support has long term, not intermediate term implications.  We are seeing a pattern of weakness in the proposed C wave from August 2010 to February 2011 followed by technical failure to long term support.

50 EMA of NYSE McClellan Oscillator has traced out a clear ABCDE triangle pattern during the period of the proposed C wave:

It's clearly set to break down from both long term and intermediate term formations.  This could easily happen this coming week.

A number of indicators are already showing long term bearish turns.  The SPX to Nasdaq 100 ratio bottomed in December and has broken its downtrend:

It appears to be working on a breakout above its 200 EMA and a potential bull cross of the 50 EMA above the 200.  This has long term bearish implications for the stock market trend.  In a strong bullish environment, we expect to see high beta stocks like tech outperforming the big cap stocks.  This chart says that is no longer happening.

21 Day MA of Total Put/Call Ratio has broken out of its bull range and is heading back into its bear range:

The setup is similar to that which occurred around the 2007 top.  The first leg of this bear move will entail a strong move into the bear range on the indicator and the correction of that first move will likely retest the breakout.

200 EMA of TICK is showing a pronounced bearish divergence, similar to the one found at the 2007 top:

The very weak action in TICK during the proposed C wave is indicative of very low buying pressure.

Stocks Above 200 EMA has broken well below its March lows even though market price has not yet taken out the March lows:

The indicator tested its own 200 EMA from below recently and then failed badly to new lows.  The 20 has crossed below the 200 and the 50 is not far behind.  There is also a long term divergence as the market made higher highs but the indicator did not confirm with new highs of its own.

Overall we can see that the technical condition of the market has deteriorated significantly on both an intermediate term basis and long term basis.  In the short term, it could be argued that the technicals are set up for an intermediate term bounce.  If that fails to happen, as I have shown, there are long term bearish implications.

 

TREND AND ELLIOTT WAVE ANALYSIS

 

My current view is that the primary wave count has shifted from bullish to bearish.  There is still a viable bullish scenario, but the weight of the technical evidence, as delineated above, rests with the bearish scenario.  Here's the primary, bearish intermediate term view.  I've been holding this view for the last several weeks and in spite of some starts and stops, it has proven, I think at this point, to be the correct one:

Here we have the market now in iii of 3 of C after closing the week below the 50 EMA and the uptrend from September 2010.  That means that next week should be a bid down week.

In this secondary bearish scenario, we are near the Wave 4 of C bottom and Wave 5 is yet to come:

This would be a five wave expanding ending diagonal pattern.  I give this one a very low level of probability and the wave count is shaky at best.  Perhaps if the intermediate term setup on the indicators produces a bounce, we get that final fifth wave.

In the bullish view, we are in an abc correction of the first wave of Wave (3) up:

This view still entails a C wave decline to test the long term uptrend channel (blue) and the 200 EMA before starting a iii of (3) power move.

Here's my preferred bearish long term view:

In this view, the February high was the D wave top of an abcde bear market triangle pattern and the E wave decline has now begun.  Above I give some pre-visualization about how the E wave might unfold.  My strategy going forward will be to capture the segments indicated in red, which means there should be only a couple of instances when we will want to take the long side of the market.

Here's the larger context since the 2000 top and the beginning of the bear market:

The likelihood that we are beginning a 3 of C decline rather than an E wave is small.  There are many reasons in the technicals and the wave counts that indicate this is the case.  It's really too much to get into at this time, but as the bear phase proceeds we will look at that in more detail.  I will give you my full Elliott Wave counts for each leg of the bear market so far:

 

SPX 1999-2003, Wave A

SPX 2003-2007, Wave B

SPX 2007-2009, Wave C and Wave D

The following contains many forward looking statements and is not a prediction of future outcomes but a description of the most probable scenario derived from available technical evidence:

E would complete Major Wave IV of the bull market off the 1932 bottom and then the final 5th wave would begin.  During E, sentiment should turn as bearish as it was at the 2009 bottom and in spite of a higher low, investors will truly throw in the towel on stocks for good, just like in 1982 before Wave III began.  We should see many "Death of Equities" signals and ultra bears will once again shine in the spotlight with predictions of awesome doom.  During this phase, the Sovereign Debt Crisis will unfold and the long term credit standing of US Treasuries will be shaken.

Emerging Markets and BRIC will bottom ahead of developed markets by as much as 6-9 months and will begin their 3 of III ascent.

The 2007 high came after a clear 5 wave bull run.  The 2007-2008 decline was a clear ABC three wave 78.6% Fibonacci correction of Wave I.  Since that bottom there has been a clear Wave 1 of III move back near the highs consisting of five waves.  The uptrend has been broken and a three wave correction has likely begun.  Investors should follow this keenly as a major long term buying opportunity will likely present itself in 9-12 months time.  While exposure to developed nations equities would eventually become attractive, emerging markets will offer superior performance during their major third wave.

 

The foregoing analysis is the most in depth and balanced available anywhere.  I put a huge amount of time and work into developing it for you.  Please remember me at the end of the month.  Thank you.

  

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Comment by Steven Vincent on June 4, 2012 at 2:25pm

Glad to hear I am helping you John!

The scenario you propose is on the radar screen but I would put it on the far back burner at this time.

Comment by John Kleven on June 2, 2012 at 7:19pm

Steve I have been following you now for about a year after following Robert Pretcher I have previously consistantly lost money but have now ventured back into the market inline with your trading techniques and now I'm making a profit.  Thankyou for all your great work

Comment by John Kleven on June 2, 2012 at 7:08pm

The current down turn will probably bring on another QE3 and monetry bailouts for the EU exhausting the US and EU monetry policies to breaking point but allowing another ralley to the top hence allowing a major E wave bear market from ther upper support rail

Comment by John Kleven on June 2, 2012 at 6:52pm

Could this be another long term possibility as the economic problems associated with the world seem to need a longer time frame to play out before another bull market can take hold

Comment by John Kleven on June 2, 2012 at 6:48pm

Comment by Steven Vincent on June 2, 2012 at 2:17pm

No my short term view is not bullish.  That is in the 2011 report which is reproduced here.

Comment by Daniel Andersson on June 2, 2012 at 11:52am
Ohhh I thought this were your new report.
Comment by Daniel Andersson on June 2, 2012 at 11:41am
Thank you! You are doing a Great job Steven. So your short term view is currently bullish?

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