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no idea up or down from here. Probably range day today waiting for the election results.
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drawdowns within bull markets of 10% or more (but less than 20%) are not uncommon according to GS, which found 22 such corrections - but not bear markets - for the S&P 500 since 1945. In these, the average correction peak to trough is 13% and lasts 4 months.
What did surprise GS, is that both the current pullback and that in February have been much sharper than usual in corrections.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
the pullback probably means it's just a range day at the best.
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Goldman was surprised? Duh, how about Ray Dalio (equal risk funds)and all the copycats combined with false market liquidity of high speed trading houses. You know whom ever wrote that got a tap on the shoulder from top management saying we can not say way the market is now broken.
Coolbizone has gone on the record this morning to say the current market action is really difficult to analyze. I will refrain from sarcasm even though it is killing me! He is still calling this an ABC move. He is calling 2752 the top of this pattern and is looking for a C wave down to complete the larger B move of the ABC. He is saying the advance off the lows is the rare double Z wave pattern. This all fits within Cobra's views and matches many other market observations, that is we are in a complex potential topping pattern. Operative phrase is complex.
Pasta Boss quote on Goldman not understanding the last two draw downs as statistical outliers in their study of post WWII corrections. My point is underlying conditions have changed the nature of the market, compared to the post war norms they have proven it is broken. Or is entering a new era.
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