Did Alibaba’s IPO Signal a Top in the Stock Market?

An experienced researcher suggests the S&P 500 could drop up to 18%
by Mark Hulbert
Market Watch
CHAPEL HILL, N.C. (MarketWatch) — Wouldn’t it be ironic if this great bull market ended last Friday, on the occasion of Alibaba’s record-setting IPO, the largest in history?
More than a few of the investment advisers I monitor are entertaining that possibility, especially in light of Monday’s triple-digit loss in the Dow and the Nasdaq’s decline of more than 1%. Alibaba dropped over 4% on its second day of trading.
Those advisers point out that history’s most significant market tops have often been accompanied by high-profile events that prompt the average investor to overcome any residue of skepticism they may be harboring.
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