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This had surprisingly little effect on US stocks at the open. Yet as the day progressed the idea of a healthy little correction gained steam.
That begs the question: How low can we go?
I suspect that a test of the 50 day moving average at 1408 may be all that is required. It would take some more devastating headlines to get us down to the 200 day at 1356.
In general, US investors have become more immune to the "potential" threats posed by the outside world. Until they show greater bite on our economic data, then hard to find a reason to sell stocks. Especially when bonds and cash are so unattractive.
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