As we all know, the Groundhog Day tradition holds that when a groundhog emerges from its burrow on February 2, if the groundhog sees its shadow the cold winter weather will continue for six more weeks. If not, spring will come early. This Groundhog Day, when looking at the Dow Jones Industrial Average (Dow), we are seeing shadows of what took place in each of the past three years as a new milestone was reached. As a result, the current levels on the index may linger for six or more months…

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Seeing Shadows