I guess the market does the best to fool the crowd. If I see complacency from the CNBC crew on Friday, that will be icing on the cake. A big selloff in the face of complacent investors. Dubai default is just an excuse to sell. This market wants to go lower to remove the froth that has been building. There are too many bulls on the momentum train right now and the market will do its best to shake them off.
A gap down of over 30 points after a 52 week high! This market is changing character. The signs are all there, bad breadth, lagging crude oil, rampant gold speculation. Surprisingly the move starts in overnight markets. In any case, the genie is out of the bottle. Get ready for lower prices in the coming weeks. The year end rally is NOT a given.
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