Crash Test Dummies

The problem with technical analysis is that the market always looks better when its higher and worse when its lower. It looks like the market is going to close below a lot of technical levels today and that will give many something to go home and think about. There are a lot of fully invested bears out there who felt they needed to dance so long as the music was playing.

I originally thought that we would see one more turn of the month rally before a final top was put in. However, if the sovereign debt crisis comes to a head all bets are off as market participants are positioned for prosperity, not turmoil. Have a good night.

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