Quick 347PM update. 7 1/2 percent pull back in the Dec S&P on the low at 1864. We are back to the May lows. 150 handles from the record high last month at 2014. 10% takes us to 1813. FYI 6% pullback for the Dow futures.Today’s low? 16221 which is 1,058 points removed from its record high 4 weeks ago. 15,551 is a 10% correction. The August low was 16143. We’ll see how the market trades to night. 10% is looking more and more like its in the cards. QE is ending. There seems to be a collective worry now that we are about to auger in back to 6500. Play the 10% correction. That long term trend=line for both contracts proved to be the swing point today. We were above it around lunch. Then the fear trade took over again. This looks more to me like February this year, rather than April of 2009. I’m not suggesting being ignorantly bullish. Use your stops. Flip and get short if you want. In my opinion, we are closer to the bottom of a needed correction coming 4 weeks after a record high. If’m incorrect, I won’t be long much past that 10% correction level. CER
