Upon looking this word up in the dictionary, it appears to be Dan Quayle's revenge. Dominoes - with an "e" - appears to be the common plural spelling.
Anyway, the dominoes around the globe are small sovereign stock and bond markets where credit ratings are either being downgraded or are on watch with negative implications. Of course, the mother of all markets - the US of A - has been on personal watch lists although there is no real official warning coming out. But over the past few days we've had downgrades in Greece, Portugal and Spain. Ireland was on the brink earlier this year and supposedly pulled themselves back (although not out). Check out the chart on the home page of the Irish stock market. Not pretty.
Today's column was about the ripple of Dubai still propagating around the globe. We have not really felt more than a hiccup in major markets but where there are waves there may be huge waves following. Just ask Hawaii.
Who's next? China finally admitting to overdoing it? How about another biggie? The UK is also up there with the USA on possible debt downgrade rumors.
I may not have been able to find the top of the rally but I am confident that when it ends it will be frightening.