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While we have had a negative view on stocks for more than a year now, we have always been wary of not missing the point when the negative outlook gets so well reflected in stock prices that the most likely outcome is for stocks to start reversing direction. We may be at that point now. If not, we have probably at least put in a temporary bottom. Most sentiment indicators have reached the extreme levels usually seen at market bottoms. Also, the price of both oil and copper have started to recover versus the price of gold, the U.S. dollar looks to be stalling out at these higher levels and the breadth of the market has failed to confirm a new downturn. All of these indicators are positive for stocks, at least in the short term. (more…)