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Moderate sentiment in a market that is strongly trending may be a more reliable indicator of a probable continuation of the price move than a high/low sentiment reading is of a reversal. In other words, extreme sentiment readings can often occur in the absence of major tops and bottoms, but major tops and bottoms rarely occur in the absence of extreme sentiment readings (current or recent). –-Jack Schwager, from Schwager on Futures: Technical Analysis (1996, John Wiley & Sons, New York). 2/1/01
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