Fatigue. That's the thing about the last 2 months. Every two weeks, something happens to spook everyone:
*Kiwi earthquake
*Japanese earthquake
*Greek debt
*Italian debt
*Portuguese debt
*QE3 talk
*American debt limits
All the bargain hunters probably bought in around June 25-July 5, but the wider market has tracked sideways, and everyone's either sold it all or spent all their money, and now has to wait.
pycoa, page-13
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