maybe not so overdone in the in the UK due to bank exposure there. we'll see...maybe i'm wrong, but i suspect this will be seen as a buying opportunity in the US and we'll close tomorrow on the ES above current levels. I doubt this is the first shot across the bow...maybe in Q1 or Q2 2010 we'll see some trouble. It will take more US RE troubles to cause that.
Another week and another sell off the highs gift.....thanks for this one Dubai! It is ALWAYS something when buy side exhaustion nears in equities and commercials are accumulating SHORT positions in futures. Also of note, there is a massive "imbalance" of held LONG inventory now that has not yet dealt with the recent Dubai news situation as shown in my chart (Positive Delta Divergence).....the next trade day will be very fun to watch! http://www.charthub.com/images/2009/11/26/FulcrumTrader__ES_DEC09.png