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These really are strange intra-day times, and rarely will such heavy reversals out of nowhere be seen so often. We keep repeating the fact that the global trading market is being dominated by equity direction, and fully understand the fact that each regional market will be pulling stock valuations in different directions, for very different reasons, and that is what may be adding to the stair-step/elevator moves.

The emerging markets will be finding fair value on the amount of overseas investment that maybe should be directed to internal economic growth. Established economies will be trying to attract external investment, and to set fair value at a pace that can not only be sustained, but that will be strong enough to attract excess funds from abroad. A

nd, finally, the mutual funds will be looking at the fact that they have a little over four months left of their financial year to post investment gains, and that will be against a benchmark that has already regained the losses seen in 2009, but has done so without volume increases that signal a lot of investment money is still sitting in cash.

The final conundrum is the Usd, and the question of how sustainable the U.S. debt levels are, and how easily the U.S. retains its triple A credit rating. Put it all together, in the middle of a global economic recovery, and we end up with a lot of intra-day volatility; but volatility that ends up not being able to move prices too far.

These really are unusual looking charts, and unless they break one way or the other soon, will quickly become extremely range bound. At that time traders will need to look to channel trading; selling the tops, and buying the bottoms, in response to a market that is unwilling and unable to break new ground.