The headlines will read, "Markets sell off on Bhutto assassination" -- and while that was certainly a factor, don't kid yourself.
The biggest losses occurred in the last half hour, long after the news came out, and they occurred right across the board.
The drop occurred on light volume, and when you get even normal selling pressure with no buyers, you get...lower prices.
That's the problem for the bulls: a lack of buying interest, which will be particularly evident in the next two days.
You can argue about why there is a lack of buying interest (the assassination, poor jobless claims) but you can't argue away this fact: We're still up 4% for the year for the S&P 500.
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