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Wed Feb 13, 2013, 09:33 AM

CNN - Stocks are headed for a correction

Stocks 'need to be corrected'

By Ben Rooney @CNNMoneyInvest February 13, 2013: 8:36 AM ET

When it comes to keeping New Year's resolutions, the bulls on Wall Street have outdone themselves.

The S&P 500 was supposed to finish the year at 1,490, according to CNNMoney's survey of more than 30 investment strategists in December. After a big move in January, it's already firmly above 1,500.

The 5% gain in January was the best start to a year for S&P 500 since 1997. At this rate, the index is headed for a full-year return of 78.5%, said Mark Luschini, chief investment strategist at Janney Montgomery Scott.

"Needless to say, this performance begs the question as to whether this pace is sustainable," said Luschini.

http://money.cnn.com/2013/02/13/investing/stocks-correction/index.html?hpt=hp_t2

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My guess is we'll see 1,700 before we see a major correction. The economy is on fire right now and has incredible momentum. I'm going all in today!!

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Response to cbdo2007 (Original post)

Wed Feb 13, 2013, 09:51 AM

1. Expecting a correction right here !

We should not exceed 1550 (+-5). Then a correction to much lower levels. I am also all in today...SHORT!

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Response to cbdo2007 (Original post)

Wed Feb 13, 2013, 09:52 AM

2. When can we expect the trickle down?

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Response to cbdo2007 (Original post)

Wed Feb 13, 2013, 10:27 AM

3. Anything to move my retirement fund into the positive.......eom

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Response to a kennedy (Reply #3)

Wed Feb 13, 2013, 10:31 AM

4. Uh.....your retirement fund is currently in the negative???

How did that happen, we're at the highest point ever right now?

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Response to cbdo2007 (Reply #4)

Wed Feb 13, 2013, 02:54 PM

7. some mutual funds never recovered

I had a sad call a few weeks ago by a father who had given his (working) daughter $1K to start an IRA 10 years or so ago. It's stuck at $500. Insufficient to move into another fund without putting more money at risk (to meet the minimum to open a new fund).

He was asking for instructions to close his and her individual IRAs. On the other hand, my sympathy was limited. He's a doctor and had millions or so in another investment division.

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Response to magical thyme (Reply #7)

Wed Feb 13, 2013, 04:33 PM

10. Mutual Fund minimums for IRA accounts are usually MUCH lower than $1000.00

Some $250 or even less.

That person should also be able to move to another fund from the same fund family for no fee.

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Response to cbdo2007 (Reply #4)

Wed Feb 13, 2013, 04:19 PM

9. Well, my retirement fund was so devastated in 2008, that for 5 years the fund is in a

"smoothing" out phase, and for 5 years I won't be getting any increases until 2014. So anytime there are positive gains in the market, my potential in 2014 will be better.

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Response to cbdo2007 (Original post)

Wed Feb 13, 2013, 10:37 AM

5. About time commodities like gold and oil came back to reality

They have been pumping up the gold bubble for so long it is absolutely unavoidable at this point.

The rush-beck-hannity OMG-INVESTINGOLDNOWWWWW!!!! thing is about to come crashing down. I wouldn't be surprised if those 3 start dumping ASAP while telling their gullible listeners to keep pouring money into it.

Looks like it may be starting today:

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Response to cbdo2007 (Original post)

Wed Feb 13, 2013, 02:37 PM

6. So far so good...Called it half an hour early.

...

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Response to cbdo2007 (Original post)

Wed Feb 13, 2013, 02:57 PM

8. I predict that after the correction the market will linger at its new level for a while

before heading back up again.

Just don't ask me the time frame. That's my trade secret. I will, however, share it for a small fee. Just pm me for my paypal

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