Bubble deflation is the root cause. I am suggesting it is amplified,accelerated- people more willing to sell because 9/11 occured.
The fact that the market and individual stocks have hit levels lower than the Sept lows has induced additional selling. Therefore lower lows and sentiment extremes as the dire line in the sand was exceeded.
Accepted consensus that the 'lows were in' has changed. Even Zeevs model called for a comperable low to 9/11 not a significantly lower low.
Is the answer 'that was a big bubble' or '9/11 has to be a factor' or 'both'. I opt for 'both' since the reality is both occured and surprisingly to most here we are at significantly lower lows.
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