Tom Demark, founder of Market Studies LLC, made waves in late January when he said the S&P would decline 10%. Most investors called it preposterous at the time, however, as the events in the Middle East worsen Demark’s prediction doesn’t look so bad anymore. He visited CNBC the other day to update his outlook. Demark, whose research is tracked by many of Wall Street’s largest hedge funds, says the market is seeing a “perfect storm” of bad fundamentals and bad technicals. He ultimately sees the S&P revisiting 1200.