Wednesday, June 26, 2013

Traders Worry That The S&P Has Been Living A Dream For Months

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 ..."

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