TJM Institutional Service Expects A Downside Correction On S&P

Jim Iuorio of TJM Institutional said on CNBC's Fast Money that he spotted an important reversal pattern on S&P500 index, and that he expects 20%-30% correction. TJM Institutional thinks that investors should short S&P and buy some defensive stocks like General Mills (NYSE: GIS) and Unilever (NYSE: UN).

General Mills (GIS) dropped 0.25% on Friday and Unilever (UN) fell 0.71%.