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Slow-Motion Crash Developing: Dave's Daily

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Earnings news from Intel (INTC) stopped bulls in their tracks as did continuing pessimism from the eurozone where credibility is challenged. Intel's warning continued a string of warnings from a variety of companies who see soft times ahead. I'd like to be more bullish, but there isn't much to be enthusiastic about. Sure, the Fed will meet Tuesday and may unleash QE3, or a variation of it, which will flood markets with liquidity. This will buy time and that's about it since the troubles facing the U.S. and Europe have no quick fix.

Retail investors continue to exit markets as noted by Deutsche Bank as follows: "Investors fled from equities (November) with outflows of $6.8bn from long-only ETPs; while pouring $4.9bn and $3.1bn into fixed income."  



And while you might be quick to label me a Debbie Downer, there is no escaping the realities of our situation. The politics over the next 12 months will be poisonous, petty and cynical. Not much will get done beyond some temporary money printing which comes with its own negatives.

Financial and materials sectors led the way lower Monday. Declines in these sectors represent the tell the future won't be rosy.

Gold prices fell sharply as the dollar rallied and the euro fell. Commodity prices overall were weak while bonds rallied as markets continued their schizophrenic behavior.

Volume was modest overall which may be only somewhat encouraging. Breadth per the WSJ was quite negative.

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