The big moves came in gold, down over 1 percent, and the VIX continues to move higher. No panic yet as the Russell continues to outperform. Concern? Yes. Panic? Not yet.
Apple couldn’t break through its 200-day moving average and is looking weak. Watch $572.26, last Wednesday’s low.
What would a real fiscal cliff panic look like?
Stocks down hard; Russell 2000 down harder; consumer discretionary down hard; gold up; dollar down; VIX spiking; and defense stocks in the tank.
Bonds? Tough to extract a clear signal with the Fed’s financial repression, but, initially, the cowboys would most likely be in buying on recession fears and increased worries about going over the cliff.
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