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Sell The Stocks. But Don’t Take The Bonds. Or The Cannoli
Blame the virus, blame lockdowns in Europe, blame positioning, or blame your favorite election narrative.
Whatever the proximate cause, US stocks sank a third consecutive day in one of the most harrowing sessions since March.
It was rough from the start. The NYSE Uptick Minus Downtick index hit -1,957 after the opening bell, which Bloomberg's Andrew Cinko noted was among the worst prints of the year.
According to Bespoke, the S&P "has never been down more than 3% in the last full week b
The US05Y was down −0.002, at 0.330%. Where did the money go? I’m flying blind here. I should now this.
…I just checked KRE to make sure I didn’t miss anything. Nope, not there. USD is the place.
We’re due for a nice little 10% correction. Oh, that’d be painful.
10% from here or is this a part of it? 200 dma S&P 3130 less than 5% from here. Oh well, let’s get to the March lows by January and give Biden something to work with. Mr H did not say it out loud but there is a bear staring at us if you scroll back up.
Many of us old timers would be wise to remember that the computerized trading systems of so many models are reactive, not predictive. Risk parity is exhibit one.
When do we finally bury the notion that the stock market is “forward looking” ? That one should share the plot with the Phillips Curve or the notion that earnings actually matter for more than a day or two.
And the Laffer Curve.
Thanks runamok. I meant to add that one and then had a senior moment!
If the dollar ,with all this going on , went up. It means everyone has finally realized that the good news from China maybe suspect. Will ANT still proceed with their IPO?……… Are people in the know signaling a Blue Wave?………2021 should be an opportunity for bottom fishing.
My thought China won’t loosen conditions until their own opinion is made crystal clear. And then they will immediately loosen to show that they work with purpose
“According to Bespoke, the S&P “has never been down more than 3% in the last full week before a presidential election” going back to 1928. So far this week, the index is down more than 5%.”
And …. another record for Trump to add to his “Best of …” highlight reel.