The severity of this selling I believe is catching people off guard. We just broke into the upper 1130s on the S&P 500, and are posting nearly a 5% loss. Reminiscent of the action early last week. When I mentioned the support levels of 1120, I did not think we'd get within a whiff of them today. Incorrect on that front.
The Philly Fed was a disaster: -30.7 v 4.0 expectation! Not usually a report one cares about much but the degree of miss has unnerved people on an already nervous day. BespokeInvest blog says it is the worst miss versus expectations since at least 1998.
I continue to give ECRI heavy credit - they called this 'slowdown' before any of the intermediate to near term data points really weakened.
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