In June, a rebound in the index had sparked premature hopes that America had reached a turning point in the cycle.
The strong rebound in the dollar index put downside price pressure on most commodity markets Thursday.
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Others are confident that the Nikkei stock index will rebound soon, from its current shocked and moribund situation.
But it would take a big rebound to make the index look healthy.
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The strong rebound in the dollar index has put downside price pressure on most commodity markets Thursday morning, and is somewhat limiting the upside in gold.
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He's sticking to his prediction that the Dow Jones industrial average will hit 30, 000 by 2009 (nearly quadruple its current level) and that the technology-rich Nasdaq index will rebound sooner than that.
The index showed a strong rebound in home sales from September to October, rising 10.4% to a reading of 89.3.
This fund outperformed the MSCI Japan Index during the post-rebound in 2009.
The U.S. dollar index was sharply Thursday on a corrective rebound after hitting a nine-week low Wednesday.
The index is also extending a 17% rebound that started in early October.
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See on the weekly CCI chart that recent price action has seen a strong rebound from the summertime low, in which the index hit a 21-month low.
The U.S. dollar index is higher Thursday morning on a corrective rebound after hitting a nine-week low Wednesday.
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"The index topped a few months ago, and on each rebound we're seeing lower highs followed by lower lows, " says Stack, who cautions that it's not unreasonable to assume that home owners will see 30% to 50% of the last five years' price gains erode as interest rates and high home prices put an end to the boom.
As some of the hardest hit areas by the financial crisis rebound strongly, the northeast and the industrial Midwest have been lagging, index chairman David Blitzer noted.
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Those who sold too late into the bear market and then waited for clear signs that a rebound was underway have likely trailed the performance of the large-cap index.
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The U.S. dollar index is trading weaker Thursday, as the Euro currency is seeing a rebound on the easing EU debt tensions.
This is highlighted by the divergence between reported home sales (rising) and the mortgage application index (still close to its lowest levels, no sign of a rebound).
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