Traders are starting to wonder whether the S&P 500's breakout above 1575 (its 2007 high) was just a drill — a "false breakout." The S&P hit the high in April, and there was talk of a false breakout then, but the index just kept climbing, and everyone forgot to be scared in the middle of the party.
Then, last Thursday the S&P started its dramatic descent back toward 1575. Now, in this morning's market culling, the index is at 1561.
"It was all a dream ..."