Interesting CNBC interview with Emily Saunders, CEO of Sanders Financial Management said she projects an 11-percent retracement of the Dow and the S&P. “We expect [the Dow] to be back down to the 8,000 level and high 800 level on the S&P,”
“Right now, the major market indices are about halfway between the October 2007 highs and March 2009 lows and we think this is going to be a W-shaped recovery in terms of the equity markets and we are now in the top part of the middle part of the ‘W’.”
I've been noting on several charts that near term caution is warranted in equities.
*click on chart to expand image
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