Trapped in a Range By Dick Arms About this article: The last eight trading days have shown us a market trapped between two rather close levels. In terms of the S&P 500, they are about 992 and 1018. As the consolidation has developed, it has been apparent that there is still a great deal of resiliency to the markets. Each pullback has been quickly reversed. On the other hand, though, it has not been possible to force a resumption of the strong July advance. Eventually we will see a move out of the consolidation. Which direction, and whether it is accompanied by heavy volume, will be important. Yesterday we saw more reluctance to advance, suggesting that the eventual move is likely to be to the downside. I base that on the fact that we had an extremely bullish Arms Index number for most of the day, but no progress to the upside. That suggests a great... Or, call us at 1-866-321-TSCM (8726) Monday-Friday, 8 a.m.-6 p.m. ET. Outside the U.S. and in Canada, call 1-212-321-5200. More Stories From RealMoney Durable Goods Up Move Down the Tech Food Chain Jobless Claims Still High Bulls' Tenacity Is the Big Question Mark Should You Buy It? Pharmaceutical Product Development Bad News Trumps All Support for Banks Holds, For Now Bummer, Yields Are on the Rise Money on the Line Makes a Big Difference Structured Products: Unsafe at Any Price MORE STORIES FROM REALMONEY

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