s/ns wrote:I think Gentleman's point was that the market tanking has just as much to do with the US as it does with Greece/Portugal/Spain and the rest of the EU. We've known that they're fucked for weeks if not for months now.
i like you.
yes, the idiot-box analysis says greece but if you look at the rise from march of 2009 in terms of other bear market rallies (not a bull market), if you look at the put/call and isee data readings over the last 3 weeks (showing more bullishness than at the highs in 2007), if you look at the diamond formation on the charts that indicate a trend reversal, if you look at year over year comparisons for earnings that will not be compelling in the second half of the year, if you look at the amount of institutional investors that have cash on hand at the end of the 1st quarter (somewhere around 3% at best), if you look at the fact that china has been in a decline that has not confirmed our stock market advance (which is negative since they are/should be the leading market), then you could have seen this coming.
at 1090-1095, the 200 day should provide some support...we are extremely oversold here short term...but this is just the start.