With almost no positive fundamentals supporting stock advances, it's a rally that is looking very precarious in it's present state. China heading into deflation? South Korea exports lower and consumer lending down, Asia still showing export market problems, Fannie Mae 23.2 billion dollar loss (good indicator that the mortgage book losses will keep coming...with other banks!), HSBC (US) looking bad with loan provision increasing (4 billion a quater) - again good bellwethers (banks) to the state of the US mortgage market; meaning there is more pain ahead. AIG is a basket case.
And the VIX looks like traders are locking in for a 'sell':
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