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Mact,
What are your thoughts on today being the initiation of 'the' major leg-down for 2012 as opposed to just a correction? Looking at a 010' vs. 011' comparison of SPX, it looks like equities have definitely marched much stronger in this 6 month rally than last year. My inclination is the sell-off will occur now, rather than later.
And if this is the major leg-down, my 1260 SPX expectation is overly-conservative and should be revised downwards. What's your view?
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