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Bearish Catalysts are Piling up Quickly

The bearish catalysts are starting to build up...

The paring back of credit is clearly affecting prospects for a China rebound.  Given that the Shanghai has yet to break above its August highs is a big warning sign despite all the talk of how they will lead us out of the global recession.  Rising rates doomed our property bubble.   Given how many warnings from pundits (including bank officials in the country) about a property bubble there, I would be extremely cautious at this point.  No one is expecting China to falter at this point.  That is the consensus.  Unfortunately the consensus is rarely correct.      

http://www.bloomberg.com/apps/news?pid=20601087&sid=aKh5_OE4jkk0&pos=5 

As an added concern, it is the banks that have been leading the way down...

http://www.bloomberg.com/apps/news?pid=20601087&sid=aoDOK0yxlqB0&pos=2


Could sovereign problems in Japan shift the absolute "safe haven currency status" to the US dollar?  Continued sovereign problems will cause the dollar to be bid and thus upend the commodity complex over the medium term.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aA1NgR16gjg0&pos=1