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I Hear Bells

Thursday, January 14, 2010 marked the 10-year anniversary of the January 2000 top, with the Dow closing ±1,000 points lower than it did on January 14, 2000. While an analog can be dangerous to follow, similar conditions are present today -- exhaustion!

Greenspan had been pumping the system with money in 1999 (and for the dozen years prior) as fears of a Y2K disruption had many worried. As usual, Greenspan erred on the side of monetary inflation to avoid a potential problem ... but the euphoria was over by mid-January.

Same story, a decade later, but looking decidedly weaker as trading volumes have continued to decrease into January ...

... with volatility remaining low ...

... and the market has failed to gather momentum after passing the 50% retracement, while timidly approaching the start of the October 2008 waterfall. All gaps or near-gaps are filled.

Bernanke's monetary experiments appear to have run their course. Get out, the easy money is off the table.

 

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