This article contains what has to be the quote of the day:  " the market never goes up or down in a straight line ". 

This quote by Zemsky is interesting: “There’s no sign of recession in the U.S. and yet the market is pricing for one."

As an anecdotal data point, I saw an advertisement for gold to protect against the double-dip recession on a market-oriented website today. I interpret this sort of advertising to mean that the meme of the coming recession is now general among the public.

Bud Conrad adds:

I have a different take on what happened: The margin reduction was leaked ahead of time. I'm getting pretty cynical about the manipulation of metals and stocks from the margin clerks at the CME:

ZeroHedge : Soaring Financial Vol Leads CME To Announce A 33% Margin…Cut

Victor Niederhoffer responds: 

I believe the margin thing was key. The financial times is apparently manipulated the way the message boards are when they wish to bear a stock down. Was a foreign general disrespectful to one of our general's wives? I like Gen. McArthur's mother who accompanied him to West Point to make sure he studied.


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