Stocks: Price Patterns Are on Market's Side

A look at chart action in previous years suggests that the lows reached by major indexes in January and March will hold

We got some much needed relief from the sweltering heat wave in the Northeast last week. Unfortunately we did not get any reprieve from the energy market, as crude oil prices stayed above the $130 per barrel level and natural gas prices hit their highest level since 2005. Our call for a correction in the energy complex appears to have been early, and with it, our call for some stability and higher prices in stocks has been delayed.

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