Has Wall Street finally lost faith in the story they told themselves would unfold? -> Low interest rates + credit infusion = growth at xxx% rate base on previous cases in 1992, 1998, 2002 etc etc etc? (ie curve fitting with no real qualitative understanding of how a debt saturated economy behaves)
Have the curve fitters finally realized that they don’t know as much as they though they did?
Do they realize that forward looking earnings may not be accurate….??
It amazes me that it took so long for it to happen… What next? A bounce at 11K perhaps? …but no real support till 10K.