Up until yesterday I had been thinking it was likely we would see a christmas rally into the end of the year just because there was no catalyst to go down, but i changed my mind after that news with walmart yesterday, based on that news i think we are already in a recession we dont know it yet, lot more down side risk than i thought there was a few days ago. I think this year instead of all the upside "surprises" we usually see in retail at christmas, we are going to see a very disappointing retail season.
Ive thought the market looked toppy for a while, but there was no catalyst, i think WMT is the canary in the coal mine. Ill be looking for short setups, hope i didnt miss the top on Visaria's beauty call at 2012.
Only case i could make for a rally at this point is the sell off in the USD as everyone realises the fed was never serious about interest rate hikes.