North Korea's aggression toward South Korea on the heels of the botched US trade pact communicates that our President Obama is perceived as weak.
The move up in the dollar since the QE2 announcement implies that the Fed is weak.
Irish, Portuguese, and Spanish debt are plunging. Evidently the Irish aid package is seen as a weak solution, and the troubles are not going away for the other countries. Contagion risk is growing.
The markets are weak across the globe today. S&P futures are back to yesterday's lows. The chart looks like a declining wedge that is about to break down. Yesterday led me to assume that we would move up to the 1220 area. Now I'm starting to think 1150 again.
Thanksgiving week is notorious for low volume chop. Wait for extremes and play the edges so you can focus on giving thanks, a good thing to practice anytime.
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