friday noir, page-33

pb, i reckon you're right up to a point... eg spi was open when burnie was talking, but didn't fully discount the effect .. imo this is the start of the next leg, and it never happens in a straight line (well, maybe aside from some stocks lately), so even if spi holds around these levels, theres room for further moves down tonight when europe opens, then usa opens etc etc.. I just seems naive to me for traders to be thinking this is all the impact that burnies speech is going to have... he essentially confirmed some of the market risks that we have been speculating about on this thread for months (bank failures, bank runs etc) and I don't think that risk has been priced in yet.. if it has been it shows a higher appetite for risk than has been evident for quite some time..