The reason to sell (from market highs)

Barrons several months ago featured an investment guy who said that a bearish omen for the market is the raising of the minimum wage. Today, that was enacted and the market sold off.

Everywhere else on the globe wages are deflationary but not in this country. Are we that special? The market may sense that lay offs might occur or hiring delayed as labor costs rise. But not the ability to pass on higher costs to the tapped out consumer.

I must remind people the market is at record highs. So maybe now profit taking is (finally) occurring.

One, clue that I have that the market is weak as opposed to last week is that gold and oil are down along with the market. That for me is bearish.

Gold and Oil rallied on an imminent dollar correction, but I believe the market has rallied as well over those same concerns. So if the market corrects, liquidity will as well. Which will cause ALL markets to go down together. And the dollar to, well, hang out and have an espresso. I don't know if it will go up but I don't think it will collapse either.

Currencies are a stack of card all hanging onto one another. They have no fundamental underpinning and are all relative. Currencies now are just based on the yield they are bringing from their treasuries. But what if Britain's housing bubble bursts? Then their currency is going to drop as well as the yield from the central bank. And the DOW 14,000 won't be half off. And there will be more than soccer players from Britain grabbing for the greenback.

I say this only if gold and oil maintain a lower price as the markets sells off, which could have been only a one day wonder. Let's see what Cramer has to say tonight on Mad Money. By the way I think he is the only man one should watch on TV. You always have to respect people who call it like they see 'em.