U.S. stock markets are indicated over 2% lower this morning on concerns that North Korea is flexing its muscles in the east and fears that Europe is not getting its financial house in order. While North Korea is likely just playing games again, the 3-month LIBOR has been spiking higher in the last couple weeks, and is presently trading at 13 month highs. The S&P 500 looks to be breaking through more important levels on the downside this morning, which suggests there is more downside to come.
So, is this a correction in a new bull market dating to last year, or the resumption of a secular Bear Market that began in 2000? I believe it is the latter, which does not bode well for the economy.
Scott Cole
bestdaytradingstocks.com
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