Wednesday, November 23, 2011

Mr. Market's Wild Ride

The S&P 500 just bounced off of the exact 10% drawdown mark from the October peak, 1163.  As you may recall, the October peak happened to be the inauguration point of a new bull market (20% rally off the lows).  Meanwhile, the October low was the day that we inaugurated a new bear market (20% drop from May highs).  With 10% already trimmed from the market, we're just 10% more away from another new bear.  Bear, Bull, Bear--it's getting tough to remember what type of market we're in...

The new bear would come at 1033.  Let's hope we don't get there.

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