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Market
Market
Peak
Low
Co
nfi
de
nc
e Mar'09
De
2000
cli Market
ni
Market
ng
Co
Low
nfi
Peak
de
Ne
nc
w
e
De
De
The Ratio of the low quality high yield Fidelity fund to the High quality lower yield
cli
cli
ne
Vangaurd Treasuries moves down as confidence in the economic outlook is falling,
nin
rises as confidence is improving.
g
Note the turning points (Red and Green Arrows) are coincident with the important market turning points.
Thus this "Confidence Indicator" helps to confirm major tops and bottoms and well as the primary direction.