This column originally appeared on Real Money Pro at 9:24 a.m. EDT on Oct. 19.
NEW YORK (Real Money) -- One of the most significant market headwinds that I (and other market bears) have cited is the challenge to second-half corporate profits.
Surprisingly, many commentators have recently waxed enthusiastically about the prospects for earnings, even though the sampling of reported companies has been small. Also, as the week progressed, several key technology companies such as IBM (IBM), Google (GOOG) and Microsoft (MSFT) have had high-profile misses, and iconic Apple's (AAPL) shares have slid noticeably in the face of profit reductions by several leading analysts.
QQQ) and SPDR S&P 500 ETF Trust (SPY) has now broken down, as evidenced by the double-top and relative performance line in Steve's chart below.
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