S&P 500 'corrective phase' could take it down 10%, says Raymond James

This month's stock market losses won't be the last of the bloodletting, according to Raymond James. Stocks are on pace to close out a brutal month. Although November is usually a seasonally strong month for the market, a pullback in major tech names has weighed on the major averages this time, with the Dow Jones Industrial Average and the S & P 500 each down roughly 2% this month. The tech-heavy Nasdaq Composite has lost more than 4%. But there's a more severe selloff on the horizon, by Raymond James' reckoning. According to the Wall Street firm, the S & P 500 could tumble by 8% to 10% in the next three months, after several warning signs flashed last week. These market signals suggest "Portfolio Managers should begin to manage risk control levels, as equity markets appear to be at risk of