Thanks for clearing that up, Billy.
So, regarding time, I guess it's a question of how often markets are trending vs. range-bound. Based on your experience and knowledge, what would you say this is? I've heard some say the market is trending 1/3 of the time and range-bound 2/3 of the time. Is this true?
Perhaps we have been spoiled in recent years (2008, 2009, 2010) with some very nice market trends.