Technicals still work: Lovely bounce play signaled in advance. But also note the trend is broken.

 

Guggenheim’s Millstein Predicts Spike in Defaults Heading Into Year End

Jim Millstein, the co-chairman of Guggenheim Securities, said financial markets are headed into a period of “significant volatility” with default rates expected to spike as we move closer to the end of the year.

U.S. Banks Signal Mounting Concern Over Real Estate Lending

The darkening outlook of banks is laid bare by disclosures on so-called criticised loans, which are flashing warning signals about a borrower’s ability to pay.