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Buying opportunity on today's pullback

|Includes: SPDR S&P 500 Trust ETF (SPY)

Today the market dropped another 4.68%.  I know many of you are scared that this is the beginning of more selling.  I beg to differ.  Today looks very much like a capitulation day.  The last time volume was this high on the SPY was 3/16/11 where 469 million shares traded hands.  Today, the volume was 485 million shares tradded.  The range was also unusually high.  The last time this happened, SPY rallied from 126 to 136 in about 2 months.  Based on the action today, I expect to see a rally perhaps back to 134 level from here.  I do think the market is oversold and the fundamentals are not as bad as market would make you think.  The Euro crisis is adding more uncertainty to the markets but I do think this will work itself out. Bottom line is this, take today's big sale as opportunities to add to your positions.

Despite all the doom and gloom and folks having you believe that we are in for another recession, I really don't believe this scenario will play out.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.