11am update - don't get lost in the bearish hysteria

The indexes are lower, but we're just 1% from the recent high. There should be strong support in the 1735/30 zone, a weekly close under there looks very unlikely. Metals remain weak, with Gold -$7. Oil remains on the slide, -1.8%.


sp'60min

Summary

No doubt you'll see some of the doomers come out to play today. After all, we're now a huge 1% below the recent 1759 high, which was clearly a mid/long term cycle high, right?

There is QE today, and regardless of where we do close, none of this mornings declines can be taken seriously.
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Anyone who disputes that should go stare at any one of the world indexes for a good hour.

Hey, here is one...

Spain, monthly, 20yr

On any basis, an easy 20% upside into next spring.