Mr Lewis argued that you can build the intermediate rental market without locking people out of it.
In the business market, intermediate technologies already allows people to surf the Internet from their phones.
Although I am still intermediate-term bearish on the market, not expecting the low for this second year of the Four-Year Presidential Cycle until October or November, this short-term rally might have longer legs than the last three oversold rally attempts that have taken place since the market topped out in April.
Even though the global uncertainty adds another dimension to the recent decline, the intermediate-term outlook for the stock market remains positive.
In order to break that intermediate-term downtrend, the gold market would need to rally through a previous swing high and close above it for several days.
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As I discuss in more detail below, the intermediate-term analysis remains positive for the stock market.
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On an intermediate term multi-month basis, the gold market is trapped in a consolidative sideways neutral range.
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Some intermediate funds extend maturities well past the intermediate part of the yield curve to time the market or boost returns, adding market risk.
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But a situation is also in place that might have intermediate-term implications, thus making how the market deals with the short-term support and resistance levels more important.
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Not only has my seasonal strategy not yet triggered a re-entry, but my non-seasonal Market-Timing Strategy remains on an intermediate-term sell signal, and some significant support levels like 200-day moving averages, and trendline supports, have been broken.
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But all of this does not mean that the market has completed a top, as the intermediate-term technical outlook is still positive.
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The near- and intermediate-term technical trends are bearish, but the market is overextended on the downside in the very short term, which leaves gold vulnerable to near-term consolidation and or modest upside correction.
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If I am correct that the market has further to go on the downside intermediate-term, but likely to experience a short-term oversold rally, such a rally would provide another opportunity to sell into the strength and even take downside positions.
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Hope is receding that in the short or intermediate term the Obama stimulus program will put a floor under the market.
If ExxonMobil is looking at a shortage of sweet-light in its mid-western refineries, they can go to the futures market and buy a few weeks supply of West Texas Intermediate (WTI) for delivery in 60 days.
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The above factors have little to do with the short-term market gyrations, but it is certainly worth pondering for those with an intermediate- and longer-term perspective.
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So even with the assumption that money market rates climb two full percentage points from where they are now, the intermediate-term investments do not leave you worse off.
So is a decline of 10% to 19% (an intermediate-level correction) or a drop of 20% or more (the typical definition of a bear market).
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The market internals have started to act stronger than prices, which is what is needed for a sustainable new intermediate uptrend.
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