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Wednesday, May 9, 2012

Stocks accelerate to the downside

The long-awaited correction is in full effect, with stocks accelerating to the downside on renewed concerns over Greece and the Eurozone.  Watch the 1,340 level on the S&P 500 (now at 1,343).  This is the March low, and is the only support above 1,300.  I do not think 1,340 will hold, although we may bounce off of it today, at least temporarily.  I will likely start to add some positions once we get down close to 1,300, although I think we could go to 1,250 or even 1,200.

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