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The stock market seems to be at a cross roads over the past few months as it consolidates the gains of the last five years. While the Canadian market is finally showing some leadership this year, helped by strength in the Energy sector, the U.S. market has run into some problems with the ‘momentum stocks’ that lead the market over the past two years. Biotech and internet stocks are more than 15% below their highs set earlier this year. It’s probably a good time to step back and look at the longer term picture of the market. Many stocks have risen a long way, not only from the absolute lows of this market in March of 2009, but also from the uninterrupted run-up from the lows seen in June 2012.
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