Short-Term Stats Continue to Mislead

On May 7 the S&P 500 closed at 1625. Here we are, nearly six weeks later, and the index is at 1626. Oh, sure, in the meantime the S&P has traveled up to 1687 and down to 1598. But, in the end, it's done nothing but chop about for six weeks.

As for the Russell 2000, it got to my target of 990 on May 15. It has since rallied to tag 1000 and sunk to 963 -- but here it is at 981, five weeks later, still toying about at the target price. The story is not any different on the PowerShares QQQ (QQQ), where my target price was $73 to $73.50. That was achieved in mid-May. The QQQ then had a fling to $75, and we now find it back at $72.28....512 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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