New York – Stocks plunged more than 2 percent Monday as traders cashed in on some of the gains from the four-week rally.
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The Dow was down more than 180 points, or 2 percent, while the Nadsaq and S&P were both off more than 2 percent.
There has been a growing chorus of market pros who say the market got way ahead of itself, the rally of the past month was founded on nothing and a correctin is coming.
“There’s no basic foundation for the run-up we’ve had, been far too rapid,” Dan Deighan, founder of Deighan Financial Advisors, told CNBC today. He predicts we’re going to see a 25 to 50 percent drop in the market — and it’s going to be fast.
This fall out is nothing, there’s more to come