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had been seesawing

  • past perfect progressive
    of seesaw.
    seesaw
    noun
    a recreation in which two children alternately ride up and down while seated at opposite ends of a plank balanced at the middle.

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Ever since it had collapsed in fear of a recession in 1946, the market had been seesawing, trying to make up its mind whether the boom had really come to stay.

From Time Magazine Archive