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Market bull braces for 5-10 percent pullback, sees compelling reasons to buy the dip

August 9, 2018


Even some market bulls can’t deny sell-off risks right now.

Wall Street veteran Bill Stone, who spent 18 years as a chief strategist at PNC Financial, told CNBC’s “Trading Nation” on Wednesday that a 5 to 10 percent stock market drop is conceivable in the coming weeks.

“Since we are back close to the highs for the S&P 500, risks of a pullback have certainly risen,” he wrote in a note to CNBC.

The S&P 500 has been flirting with fresh records. The index is now just fractions of percent from its all-time high of 2,872.87.

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