Astute observations from long term market watcher Vince Farrell:
“As to the stock market: again, calm down. Counter trend rallies are euphoric. They are fast, big, and make you want to believe again. Refer though, to the ancient rule of thumb that things reverse by about half of the prior move. We went from 1422′s recent S&P high to about 1260 intraday in the futures market, or 162 points. If we retrace half of that, or 81 points, we take the average back to 1341. This rebound, as I write Thursday afternoon, has carried to 1325. I would expect this rally, as much as I love it, to not carry much further. A trading range around 1300, +/- 40 points is my guess.”
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