We have now effectively retraced to lows seen last Friday, intraday. A tad bit lower in fact. I suppose the bull case is this can be a potential "double bottom" from which the "wicked awesome" employment report will launch a rally.
I am having none of that, although I'd expect bulls to defend this S&P 1070 level and an intraday bounce of some type should ensue. Let's see how their efforts work out. Quite a nice reminder of how quickly upside moves can be erased. Monday and Tuesday were just blasted into the ether in a matter of 2.5 hours.
If / when this level breaks, another 25 "easy" S&P points lay below before any real support.
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows