+------------------------------------------------------------------------------+
S&P 500 Correction of 9%-15% Seen by Oppenheimer’s Worth 2014-01-27 13:57:07.747 GMT
By Andrew Cinko Jan. 27 (Bloomberg) -- Oppenheimer technical analyst Carter Worth says in note he’s raising his forecast for the size of the correction to 9%-15% from prior 6%-9%; implies an S&P 500 drop to within 1683-1572 range from Dec. 31 close. * Prior forecast was made “when things were not as steep and uncorrected and complacent as they are now” * Even at 15%, would still be “garden variety” correction, “just a bit more vigorous” * NOTE: Jan. 13, Worth listed buys/sells for early part of ’14 * NOTE: Jan. 6, Worth said this yr may be volatile * NOTE: Worth repeatedly recommended reducing exposure to stocks last year amid rally, for example, in July said rally was “unsustainable" * NOTE: Earlier, Strategas, Piper Jaffray see S&P 500 bounce this week * NOTE: Earlier, S&P Drop to 1750 ’More Likely,’ Says MKM; BTIG Watching 1768
For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>
To contact the reporter on this story: Andrew Cinko in New York at +1-609-279-4533 or cinko@bloomberg.net