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Dow Jones almost takes out 38k

On Monday the Dow Jones came close to rising above 39k (38,927 the record high) and just the very next day it came close to falling below 38k (38,039 the low). So, quite a turn around in the space of less then 24 hours and of course we have the US CPI report to thank for that. The markets seemed all too complacent on the outlook for that data and hence the slide seen yesterday in the Dow. However, the index did rebound in the final hour of trading and later closed, 524 points lower, at 38,272. The Dow Jones futures are currently lower and I would not rule out another downside wave from here, but it will be all about the US bond market price action today as well. It just remains to be seen how much further this correction has to run. Some might think it is a one day wonder, but there is no reason to suggest that is the case, remembering all the new records and how far we have come most recently 

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