Hello Darkness, My Old Friend
Anyone looking for a dip to buy following the S&P's furious ~45% surge off the March panic lows got one on Thursday.
Shares in the US plunged the most since March 16 in a rout generally attributed to concerns about a second wave of the virus and Jerome Powell's tepid assessment on the prospects for a rapid economic recovery.
Measuring from the knee-jerk levels seen just following the release of the FOMC statement on Wednesday, futures were down some 7% at the lows.
The Dow fell nearly 1
Ya think Trump was tweeting from his bunker after today’s stock mstket pummeling
Is George Floyd still smiling down on that job report? One of the few truths that Colonel Bone Spurs uttered came in 2016 when he said the market was a giant bubble. True then, true now and for the thousandth time, the market is not the economy.
Until C-suite reports in August on second quarter, sheds some 2020 full year guidance, states plan for buybacks/dividends– it is all just trading “tulip bulbs”.
H-Man, it is good to see you once again.
So much for the ascendent Euro. That narrative lasted all of about a few days. We’ll see what happens.
Another two or three days like this and I might start picking stuff up. Of course, then my pain trade will be “Is it going lower and should I wait before taking JETS off their hands?”
Charlatan Kudlow suggested today that Powell needs a more positive demeanor during his press conferences, that Jerome should “smile” more. We have reached levels of absurdity I never thought possible, now we must believe that smiles from the chairman would translate into a gentler rout in stocks on days like today, hey if Trump is unhappy with the tape action may be he can sue, claim the sell off was manipulative fake news intended to make him look bad, after all, it’s supposed to be a rocket ship. Farfetched?..
H – in an attempt to find some levity in all this, I have to say that one of the things I always admired about The Economist was their use of great song lyrics as titles of their articles.
Nice job
Same nurse that leads the Anti-Vax Florida Freedom Alliance? Hmmm …