Nancy: Last year was debatable but I included it as the decline started on the first trading day. The "out" years were 87,91 and 91. I should clarify that the NDX "on average" during those years (since 1986) tops out within 8 days plus or minus 6 days. But during the past 13 years, the index has found that peak within the first 10 trading days of January. Yes, there are some similarites to 2003 and also to 2004 but it has some unique characteristics.
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