The Day Ahead: Might as Well Yell 'Fire!'

This is going to be a simple tutorial today. If you are still bullish on the market, the room may be starting to feel too crowded. I will assume the role of attention-seeking instigator by yelling "Fire!" in that crowded room. Arguably, in the past four consecutive sessions, domestic economic reads (includes initial fourth-quarter earnings guidance) and the political headlines have worsened, and that is inching its way into stock prices (or for you bookworms, valuations). I am disturbed by what I am seeing in the markets, whether it's how connected groups are acting (truckers trading down in tandem with consumer discretionary) or in minute things that are not so minute but nobody is bothering to pay attention. In all honesty, when I close my eyes of late I have visualized stock prices sitting on a three-legged stool and termites gnawing at the stool's legs, without stock prices having full awareness. "FIRE!"

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