The Detroit Three are getting closer to bankruptcy, a $50 billion ponzi scheme was just uncovered, and the dollar continues to sel off. It looks like this week is in like a bull, out like a bear. Based on where the futures are currently trading, the S&P 500 is set to open at around 840 today, which is down almost 4% from yesterday's close. Following today's gap lower, the market is getting closer to testing its post Thanksgiving lows, but it still has about a 3% cushion before these levels come into play. There's still a lot more news to process before the opening bell (PPI and Retail Sales), and then Michigan Confidence comes out at 10 am, so it will be interesting to see how today plays out. Bulls have been encouraged by the market's recent ability to rally on bad news, but today they have their work cut out for them.
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