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I believe that fundamentally the markets are in a favorable territory. In other words, the economy has come out of a severe recession that we experienced in 2008-09. But on the technical front the markets seems a bit stretched. A bit stretched seems to be a vague term. I believe that the Volatility Index (fear gauge), the margin ratio and the individual investor sentiment, are all in a euphoric territory. In other words, I believe as a contrarian that markets could experience an interim correction of 5-7%, which could be triggered by any negative events.
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