Bliss, I don't think Hurst has failed. I do think there is mixed evidence and some market distortions due to energy prices and Fed pumps. The correlations between Fed activity and the market during the last several weeks have never been more clear--although not conclusive. Interestingly, the Fed will stop publishing M3 data in March.
See "FOMC and the S&P 500" on Bullandbearwise.com--and then select the last 90 days.
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