The stock price has consolidated in the past couple of months on a moderately stronger fourth quarter and generally upbeat economic recovery.

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The stock reversed, consolidated above the moving averages, and on Tuesday had a move that took out the entire upper trendline of the last 4 months.

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In addition, although the hundreds of stock markets around the world have consolidated into one or at most a handful of exchanges in each country, cross-border regulation makes it difficult for international takeovers to take place, and governments do not seem to be in any hurry to change the rules.

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The idea of a consolidated audit trail has been floating around for a while, but got added momentum after the May 6 stock market upheaval.

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