Dubai is way overbuilt (this is a surprise???) and some of those projects are asking for a stand still agreement with the people they owe money to. I guess building a ski resort inside a building in the desert was a bad idea after all!
This news came out on Wednesday, but the U. S. markets did not really react to it. But Asia and Europe got hammered on Thursday and Asia got hammered again this morning. Europe dropped on the opening today, but is now up slightly.
Dow futures are down about 200 (they were down much more earlier this morning). Is this dip a buying opportunity? Or the start of a correction?
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