Through steady price increases, despite year after year of volume contraction net income has continued a seemingly inexorable ascent.

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This is partly because the European handset market already shows some warnings signs of repeating the 2008 summer slump, which later metastasized into a sharp global phone volume contraction by Q4 2008 and Q1 2009.

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Secondly, the ratio of Nasdaq to NYSE volume fell below 100% for the first time since 1998, indicating a contraction of speculative buying.

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