Tuesday, May 8, 2012
5-10% pullback
The lows of today's session approximately coincided with a 5% pullback from the ytd high. While completely arbitrary, people often look for declines in the 5-10% range from a near term top. A 10% decline would take us back to 1280, and erase most of the year's gains. If 2012 ends up looking like 2011 and 2010, this would be the level that one might expect us to get back to.
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