We had this to say on Tuesday, and have the same story, even after those "scary" drops.
3% to 5% more upside, based mostly on Cable and Euro having strong upside targets and dragging SPX along with them.
http://oahutrading.blogspot.com/2011/10/4-charts-that-say-more-upside-say-3-to.html
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Insightful and Useful Comment!