We were down 400 points in the last 2 days on the Dow Jones Industrials and remember the Dow Jones rallied 2,000 points off its September low. That is where it was when everybody thought the Federal Reserve was going to hike interest rates in September and when we got that bad jobs number we had a 2,000 points relief rally because the Fed was not about to raise rates.
And now what as been holding up the market was the idea that the ECB was going to come in with all this money printing. But now that we are not going to get that and people still expect Yellen to raise rates, well, we might lose the entire 2,000 points relief rally in which case the rate hike is back off the table as if it was ever on the table in the first place.
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