Numbers and notes as Wall Street lurches to a start on April 7th:
20%: That's how much a stock or index has to decline before a "correction" becomes a "bear market." By that measure most of the high-fliers have already crashed. Facebook (FB), Amazon (AMZN), LinkedIn (LNKD) and Netflix (NFLX) are all well into bear market territory. Twitter (TWTR) is just one of multiple former high-fliers that's been nearly cut in half in the last few weeks. It's too late to call a top in the market, the question is how much more selling is in front of us.
1,741: That's where the S&P 500 (^GSPC) bottomed on a closing basis in early February. It marked the end of a five-week correction from the end of 2013. One of the reasons stocks are having a tough time holding up today and last week is the lack of meaningful technical support between here and there. For those who were wondering a drop to 1,741would only be an 8% drop from the furry top hit last Friday morning, when a six-foot slice of pizza rang the opening bell at the NYSE.
340: That's how many points the S&P 500 still has to fall before we officially enter a bear market. That works out to 1,517 on the S&P 500 or 13,300 on the Dow (^DJI). We haven't had an official bear market since 2009 but we came close. In 2011 the S&P 500 dropped over 19.5% before finding a bottom near 1,100. If you're already feeling panic stricken there's a good chance you're going to lose your mind completely before this selling is through.
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