One Crowded Theater

Last week, in "Something Wicked This Way Comes," I said it's "becoming more difficult to shake the feeling that something bad is about to happen to the US economy, markets or, quite possibly, both." US equities haven't managed a winning session since. Stocks crumbled again Friday, with losses accelerating into the close, a dubious encore to Thursday's unfortunate late afternoon meltdown. The Nasdaq 100 fell at least 1% in every session this week on its way into correction territory (figure on

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3 thoughts on “One Crowded Theater

  1. “ there’s a “high probability” that the average max drawdown in midterm election years [16%] is exceeded in 2022 “

    SP50 is -8% YTD, so that’s only another -8%.

    The FAANGs look quite able to lose another -8% each. In most cases that would take them to late 2021 levels, that’s only a few months of work lost. Actually, they look quite able to lose significantly more.

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