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Technician Sends Warning for Stock Market Bulls
As the S&P 500 flirts with its all-time highs, there is a great divide between technicians calling for a correction and bulls who think the rally has legs. In his research note Monday morning, Oppenheimer Asset Management's chief market technician Carter Worth argues that the market is ahead of itself and that investors are right to anticipate and position for a normal, garden-variety 6 to 9 percent correction. Worth notes that the move off the Nov. 16 low of 1,343.05 to the high a week ago of 1,563.32 is a mature intermediate advance. He said it is mature in terms of magnitude (up 16.4 percent) and duration (18 ... (full story)
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