Shares of Twitter went into free fall on Tuesday as early investors became eligible to sell their shares on the market for the first time. The company’s shares dropped 17.8 percent, to close at $31.85, their lowest level since the company’s initial public offering of stock in November.NYTIMES:
After all the predictions that prices were only going one way — up — the spring auction season got off to a tepid start at Christie’s on Tuesday night, where some examples of Impressionist and modern art by Picasso, Kandinsky and DalĂ brought far less than expected; others barely skimmed by, and two classic works by Degas were left unsold, victims of estimates that were simply too high.
Christie’s was kicking off two weeks of sales, including the more buoyant segment of the market, postwar and contemporary art, and expectations were running high. The opening night could be seen as a reality check.THESE "REALITY CHECKS" MIGHT HERALD THE PIN-PRICK WHICH WILL BURST THE CURRENT QE/OBAMA-DEFICIT INDUCED BUBBLE.
I THINK THE STOCK MARKETS ARE OVERDUE FOR A 15-20% CORRECTION.
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