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This stock-market shakeout looks a lot like 1996-97
The stock market’s turn from borderline euphoria to full-blown correction was swift and unsettling, but it isn’t completely unfamiliar territory, according to one of Wall Street’s top technicians. Jeff deGraaf, chairman of Reinaissance Macro Research, said his firm has a program that looks at price changes for the S&P 500 index SPX, +0.17% over the last-12-month period and then compares them to rolling 12-month historical returns to find the highest correlation with current market action. In a Friday note, he said the closest match, or analog, is the March 1996 to March 1997 period, which had a .94 ... (full story)
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