If it looks like a Gyro, smells like a Gyro and tastes like a Gyro, well then, it must be a Gyro.
The SP500 has decline over 100 points in 4 days.
removing the threat of a credit freeze, to begin to discount it again. (Except the currency being used instead of the Franc or Gold is US dollars.)
In the AM, we also had a prominent big-boy investor (and potentially future boss ;) El-Erian tell the investor community that "we are on the eve of a crisis".
The SP500 does not go down 100 points in 4 days because of a "slow down". Individual stocks are already at single digit multiples. A big slow down is already priced in. 4 days ago, a credit crisis was not priced in. Today, its baked in again.
This is the crazy market we live in today, and why I am so annoyed by our political leadership. They watch the world around them burn, as they ignore their Pledge to the United States of America, and squabble over ideology.
Moment of truth is coming. Looks like we will be having Gyros over the next couple of days. Hopefully, there is good tzatziki sauce!