The technical damage from yesterday’s bloodbath was severe. I’ve been warning readers of Gains Pains & Capital that we were heading for a serious collapse. Yesterday’s action was just the beginning.
Spain, which lead the “Europe is saved” party from the lows last year has just taken out its trendline. So much for the “crisis is over” proclamations. We’re heading back down in a big way.
The S&P 500 has also taken out its trendline. QE Forever is dead and buried. What will hold the market up now?
Copper is indicating that the entire post-2009 “recovery” is ending. We’re moving back into the 2008-collapse.
Real estate is totally imploding. Yesterday’s drop saw a very nasty return to “reality.”
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