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Keeping your head on a day like today is important. We abruptly sold off after the Bernanke statement earlier this hour, and the market is now awash in fear. You will want to obey your stop losses, but apart from that, suddenly panicking out of positions is not a good idea. We were not overbought before the selloff, and The PPT suggests that we still have higher to go.
I would be surprised if we did not have a mild recovery from the swoon by day’s end.
