Reasons to be cheerful/fearful
Europe's credit crisis has Bob Haberkorn, senior market strategist at MF Global, feeling especially bearish. He also uses the Fibonacci analysis, based on the theory that prices tend to drop or climb by certain percentages after reaching a high or low. Currently, it would call for a 40-point dip in the S&P 500, he said.
"I think the situation in Europe will have more negative news for the stock market," Mr. Haberkorn said. "And it's not too rosy."