Market tops end on good news, exciting news, happy faces. We think the Facebook
IPO is the happy news at the top of this market. While media buzz around this
deal holds up stocks just long enough for professionals to sell to momentum
traders (ie mutual funds) to raise cash to buy this IPO.
The SOX cycle is telling the well informed, secure those 10% gains from the
Santa rally, that's an offer you can't refuse.
Folks should review the etfs for France (EWQ) and Germany (EWG), those charts
tell the true story, the are awful and will roll over with the Euro (FXE).
Yuk !
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