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Lot Of Range In This Range-Bound Market

By Paul Vigna
OB RK384 stocks D 20120117144815 Lot Of Range In This Range Bound Market

The SP 500′s crested over a 1300 symbol this morning, and a bulls seemed to have this thing good underneath control. But as evidenced by what we’re saying here in a afternoon, “under control” is a relations tenure these days.

The gains this year, so far, have come in a skinny marketplace that’s narrowly driven, says Merrill/BofA’s technical strategist Mary Ann Bartels. “The SP 500 is harsh aloft though volume and extent are still not confirming a rally,” she writes. “We design a marketplace to sojourn range-bound.”

Still, Bartel’s rangebound marketplace can pierce by a flattering extended range. She pegs a tip around 1350-1365. Low end’s around 1100. The index hit the 2011 low in Jul of…1099. It hit a year high in Apr of…1364.

One boost to US stocks, she says, might be European income looking for a protected refuge. A bonds/stocks comparison, she says, still favors bonds.

SP 500 was recently adult 3 points, or 0.3%, to 1293 on, we guessed it, light volume.

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