CDS market was a lead indicator of a further fall for the stock market.
http://www.cnbc.com/id/27799264
http://ftalphaville.ft.com/blog/2008/11/19/18426/cds-report-lurching-towards-armageddon/
European credit spreads were lurching back towards “Armageddon levels” on Wednesday
It is now clear that the failure to rally from the triple bottom will signal a drop to the next support levels. If we close anywhere near the current levels, DJ at 8100 and SP at 830.
Look for 6400-5300 to be the next support level.
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