Gloom: Confronting the AlienBy
The number of trading days that the S&P 500 has been rising without a correction of greater than 5% is now at 60. (Note: For this report, corrections are measured using closing daily levels.) Not surprisingly, going unchecked for so long has prompted a sharp increase in the number of talking heads proclaiming that the market is due for a pullback of at least 5% – 7%. While we are also in this camp, based mainly on combination of market breadth, extreme sentiment, wave structure and intermarket divergences, we also respect the fact that stimulative policies continue to manipulate market psychology.
—Stone & McCarthy Research Associates in “60 Days Without A 5% Correction And Counting,” zerohedge.com, Feb. 13, 2013
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