One of the main questions being buzz-sawed throughout the media is the lack of news to couple with this fine crash we’re enduring. Why are we dropping?
We don’t need no stinkin’ news. FANG banger stocks are getting lit up. Retail and oil, already lit. It’s only a matter of margin call selling, coupled with hedge fund managers fleeing for the love of God’s grace now, to see this thing come tumbling down.
According to latest filings, Bill Ackman’s Pershing Square could be down anywhere from 10-16%. Einhorn’s positions might be even worse.
The point is, the pain is palpable. You can touch it, feel it, and get dismembered by it.
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Oversold.
Help me… (help me)
This is an insidious wealth-destroying decline. The machines know the support and resistance levels so they suffocate potential rallies in the crib. And still no washout volume. Just steady drip, drip. Enough days of this could well force a panic open, maybe as early as tomorrow.
I’m normally strongly bullish. Since December, a reluctant bear. I’m no good at trading the short side so I’m looking for SPY below 180 before even considering entry.
artificial bull
https://twitter.com/InfanteWealth/status/687360860734550016
buy it
is dead
If I bought 500 Tvix right now it would stop the drop immediately. Guaranteed. Would be down 30 % in seconds.
Yeah, when the FANG stocks were still hanging in there I though we might be near a bottom. But today blows that thesis away.
Tomorrow could be ugly. I know ugly.
I feel sorry for the poor news people. They love to say “stocks went up because _______.” or “stocks went down because ________.” Usually they give the wrong reason, but nobody remembers the next day. Stocks went down today because Art Cashin willed it!