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Dow Should Rally Ahead of Correction


My work argues that last weeks pivot low off of the rising 50 DMA started a new upleg that likely completed its initial rally phase this AM at 11,117. After a brief pause-pullback, the DJIA should rally to new 2006 highs above 11,159 on the way to a final target zone of 11,250-11,320 to conclude the entire advance off of the Oct. 2005 low at 10,157. In other words, the bull phase is not over, yet, but it is in the 11th hour prior to a significant correction. MJP 03/13/06 4 PM ET 11,076

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