S&P Downgrade, Europe Malaise Weigh Heavily on Market

If you read my letter, you know that the technical weakness has been adding up for weeks, and finally the neckline broke around 1249-1270 on S&P to trigger the bearish pattern. The neckline breach was the final area to get stopped out of longs. We never thought the move would happen so fast, but the measured move of the break was reached Friday into the 1160-1180 area. I'm not going to talk...

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