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On Tuesday, I said that we were seeing stocks decline even though many economic and corporate earnings reports had beaten expectations and that it wouldn’t be surprising to see price on the S&P 500 moving towards that 61.8 retracement level (at 1036) . I also said that unless last week’s reports turn out to be very disappointing, which I didn’t expect to see happen, the present correction would likely to max-out at 10% if it even got that far.
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