Likely. But it doesn't matter.
WHAT exactly was the DOW built on for it to be at over 28,000 ?
This is a market that a few years ago was always around 8 - 12 000 points. WHY was it driven to this pie in the sky upper atmosphere number?? WHAT was supporting it?
Exuberance? Expectations. Feeling god that Obama was not in office and neither was the Beast?
This really does not surprise me and I have been expecting it for some time...
When you build a house of cards, it doesn;t take much for the house to collapse back down to its foundation...
This is why fundamentals matter. OLD, tired, but true...
The good news is wherever it finally retraces to, from that point it shold be another long steady climb upward...