The dog woke me at dawn today. With lovely first light streaming in from the East, I fired up the ole computer to read what I take to be the first signs of a new inflection point in this months-long market chaos and my “passive research”. After 5 successive higher closes, the US equities markets were prepping for a sell-off.
Not so unusual, perhaps. But the technical analysts, holding charts high as if warding off their daily vampires of uncertainty, were scratching their heads (having predicted an “up” week- especially because Bernanke was due to surprise well beyond his “twist and shout”….).
No, it was something else: two of the multiple market seers writing this morning were saying something a bit different: 1) following weeks of frustrating uncertainty for investors, there was no clear path; and 2) folks were beginning to blame the Greeks for default (which had not yet occurred).
This signals a new moment: the birth of consciousness in panic, and with it, blame: we will of course, stay tuned as we buckle up for the ride.
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