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Yesterday’s rally was based on a rumor that Bernanke was going to implement quantitative easing (or QE2). That rumor has rendered itself just that – a false rumor.

I’ll give Ben Bernanke some credit here. He didn’t fold like a tent to the “once in a lifetime” levered-long community’s “buying opportunity” and expand quantitative easing. As I wrote in my Early Look this morning, additional Japanese style QE would be devastating for both the US Dollar and the citizenry that holds it in whatever is left of their zero percent interest bearing savings accounts.

What was immediate term TRADE support this morning (1081) is now resistance again and there is no support for the SP500 down to 1059. Tomorrow morning’s US Existing home sales print is next. That will be as bearish as the Housing Headwinds in Q3 have become.

Keith R. McCullough
Chief Executive Officer

Bear Market Macro: SP500 Levels, Refreshed...  - S P