The rule of page one states that once a story gets to the front page, the trade is over (in a nutshell).
Although this story hitting the mainstream media outlets hard signaled a (short term) end to the trade, I think the carnage still has a couple more legs down. As I've said before, it's either housing or the dollar (or both). It depends on how many times the Fed is going to "blink" I guess.
ciao,
fuBarrio
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