The indices are up and mega cap stocks have glided throughout 2014, unscathed, basking at new highs. But back in April over 100 tech/biotech names crashed to the tune of 50-70%, as the ‘bubble basket’ capitulated. After that, the market drifted higher and many of those tech stocks recovered some of their losses. During the summer, oil started to weaken and it never looked back, as well as all commodities, soft and hard.
Looking at the net result, from then to now, is nothing short of catastrophe. Oil, gas, gold, silver, even ag, have all been summarily tossed into the great incinerator and smoked out for the rest of the world to choke on.
Let’s not kid each other any longer, friendo: this is a severe bear market, wrapped inside of a bull. The headlines speak of new highs and elaborate pornography. The internals are just fucked.
I’d like to wish you well, tell you that everything will be fine; but I’d be lying. What happened to tech during April is now happening to oil. The difference between the two is one is meaningless horseshit and the other is saddled with hundreds of billions in debt and is an integral part of global growth.
Over the past six months, the following prominent oil stocks are down more than FIFTY FUCKING PERCENT.
Pray tell me, who needs a bear market with a bull market like this?
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