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Examples
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"There's no support in this market at all," said Doreen Mogavero , chief executive of Mogavero, Lee & Co. in New York.
Blue Chips Gain Brendan Conway 2011
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I don't think anybody wants to go home with too much of a position tonight, said Doreen Mogavero , chief executive of Mogavero, Lee & Co. in New York.
Stocks Sink Again; Wal-Mart Slips 1.4% Brendan Conway 2011
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"There's no support in this market at all," said Doreen Mogavero , chief executive of Mogavero, Lee & Co. in New York.
Blue Chips Gain Brendan Conway 2011
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"There is no reason to buy U.S. cash equities," said Doreen Mogavero, president of Mogavero Lee & Co.
Dow Tumbles 513 Points, Putting It in Red for Year Brendan Conway 2011
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Doreen Mogavero, president of New York floor brokerage Mogavero, Lee & Co., chalked up Wednesday's decline to fatigue following what has otherwise been a strong run for the market, including a 7.7% month-to-date gain for the Dow coming into Wednesday's action.
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Tension on Wall Street was already high, said Doreen Mogavero, of Mogavero, Lee, in part because the Dow industrials yesterday revisited a mark 10% below their recent highs, the threshold marking a "correction."
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"There would be a psychological effect if oil went through $100 with conviction," said Doreen Mogavero president and CEO of Mogavero, Lee, "but this doesn't mean anything that I can see."
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Some analysts now see stocks experiencing a correction: A 10% drop would place the index at about 12,600 or so, and "we're methodically getting there," says Doreen Mogavero, of Mogavero, Lee, and Co.
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"You [had] a certain amount of follow-through from Friday," said Doreen Mogavero of Mogavero, Lee.
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Stocks might drift lower for a while, said Doreen Mogavero, president and CEO of Mogavero, Lee, with the Dow approaching the 12800 mark -- roughly the level at which the index will be in what technical analysts call a correction, or a 10% drop from its recent high.
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