by Larry Levin
As you already know, there was quite a sell-off last Friday. To be sure there are many reasons why the market dropped as dramatically as it did; extremely low volume with new highs, profit taking, no volatility at the highs, the Fed cannot control the Middle East, among others.
The riots in Egypt surely were at the top of the fear list last week. The true fear is not in Egypt alone, but if the protests will metastasise into a Mid-East-wide desire to end dictatorial control.
Will the riots spread to Saudi Arabia? Will it spread to Iran? As of Saturday evening, protests are spreading indeed, first into Jordan then Saudi Arabia.
Marshall Auerback discusses it on BNN here http://watch.bnn.ca/#clip409237
Be ready for anything Monday.
As you already know, there was quite a sell-off last Friday. To be sure there are many reasons why the market dropped as dramatically as it did; extremely low volume with new highs, profit taking, no volatility at the highs, the Fed cannot control the Middle East, among others.
The riots in Egypt surely were at the top of the fear list last week. The true fear is not in Egypt alone, but if the protests will metastasise into a Mid-East-wide desire to end dictatorial control.
Will the riots spread to Saudi Arabia? Will it spread to Iran? As of Saturday evening, protests are spreading indeed, first into Jordan then Saudi Arabia.
Marshall Auerback discusses it on BNN here http://watch.bnn.ca/#clip409237
Be ready for anything Monday.
Trade Date: 1/28/11
E-Mini S&P Trades*
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