S&P Correction Could Hit 1,155-1,160 (Jim Iuorio on Options, Katie Stockton on Technicals - CNBC Video)

11/15/2010: Jim Iuorio of TJM Institutional Services and Katie Stockton of MKM Partners believe the S&P could correct to 1,155-1,160, which is around the 50 day moving average. Iuorio is basing his case on the options market, mainly the reaction in the VIX (volatility index) last Friday, and Stockton on technicals. Iuorio correctly called for a U.S. Dollar spike in November 2009 and was bullish on Silver in May 2010 before its massive move. They both think this pullback is a buying opportunity (Jim mentioned Fed support). Interest rates vs. dividend plays, utilities, oil and tech are also mentioned during the segment. For more potential support levels see my previous post. The CNBC video clip is after the jump and the S&P is at 1,199.80 (+0.05%).

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