CHART OF THE DAY: Remember When The Market Crashed Through That Big Black Line?

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Remember early last week: The market crashed below a “key” level of support, as the S&P plunged below a level that had been bounced off several times.

Everyone panicked and felt that it was 2008 all over again.

In fact, everyone was sending around a chart about how after Monday’s plunge, stocks were at EXACTLY the same level as they were on the same date as 2008.

Anyway, fast forward, and we’re up over 11% since then.

That huge level that we crashed beneath turned out to be totally meaningless.

chart of the day, s&p 500 large index, oct 2011

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