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But let’s keep things in perspective. The average drawdown in a “normal market” (i.e. between 1989 and 1999) is about 10%; we are there now. Also, a drop to around the 200 day moving average is also “typical”; see chart below . . . we’re there now.
This is a chart of the weekly S&P 500. That gives us some perspective. But make no mistake. Holding the line here is Bullish, a flush through is Bearish. With the overall economy is pretty good shape, I’m thinking this is just a normal correction and perhaps a buying opportunity. We’ll see, and it won’t take long.
More discussion at: www.special-risk.net . chart used with permission; MetaStock.