The markets collapsed on the back of a major drop in the Shanghai Composite. The Shanghai Composite dropped over 5% overnight on worries China will increase interest rates to combat a massive surge in growth. Currently, the SPDR S&P 500 ETF (NYSE:SPY) finds itself trading at $119.79, -1.85 (-1.52%). This is one of the first Fridays the Federal Reserve has not been able to prop the markets up with POMO. When something major happens, the panic over takes the abilities of the Federal Reserve. Thus the markets sharp drop. Major stocks are seeing solid declines today as well. Apple Inc. (NASDAQ:AAPL) is trading at $309.63, -7.02 (-2.22%) while Amazon.com, Inc. (NASDAQ:AMZN) is trading at $165.66, -4.71 (-2.76%).
Earlier this week, the key cycle top date hit, called perfectly by Chief Market Strategist Nick Santiago. After two and a half months straight up, the markets have finally started to correct.
