Mercury Rising 鳯女

Politics, life, and other things that matter

Cliff-diving, Japanese style

Posted by Charles II on June 13, 2013


Down 5.7% (758 points) so far today, and 20% from its high. US futures scheduled to open down 0.75%, and roughly 4% (S&P) from its high.

Seems pretty clear that money is flooding out of international markets (Japan, Brazil, Turkey which is down roughly 20% from its high) and into the US. Which is not keeping the US from falling, just from tanking. The permabears are calling for a new crash as bad as 2008. I don’t see that, because the bubble inflation seems much smaller. But certainly a 10-20% correction would be normal after the enormous run we’ve seen.
SPY trading at 50 day moving average. It’s likely to bounce, at least in the short-term. If it breaks below, the first strong support is at the 200 day MA which would be somewhere around 1500-1550.

So, excitement!

(But don’t watch the technicals. Watch the news. Things like the Turkish riots are real news, and real news is what really affects the market)

Sorry, the comment form is closed at this time.

%d bloggers like this: