The Other Shoe

Between the GE dividend cut, the tax bill (still DOA), and the trouble brewing in the Middle East, it looks like the other shoe could finally drop this morning.  It’s sad that a 60-pt drop should be so exciting.  It’s only about 2.3% – hardly the “end of the bull market” as one headline put it.

If 2533 holds (2536 in SPX) the bull market is alive and well.  If it drops any further…well, we’ll cross that bridge if/when we come to it.The dollar continues to falter, mostly the USDJPY heading lower.

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