"Gold is for optimists, I'm buying canned-goods".
From Ticker Sense:
-10%, and Maybe a Little More to Go
As stated by the Journal this morning (and Birinyi Associates yesterday), the market is now down 10% from its 10/9 high. 2007 has been a year market with corrections, two are very significant and a third still deserves of attention.
We have noticed some recent analysis pointing to comparisons between current market conditions and that of the first part of 2003. We note that this is also the first 10% correction since the decline that occurred between 11/27/02 and 3/11/03. Below we show the S&P 500 50-day spread throughout the current bull market. It would be prudent to point out that the 11/27/02 correction preceded the strongest rally since 1990, taking the market up 95.47%....MORE