This is what we don’t want to learn about on a chilled Friday morning, less than a week to national festival.
Cramer says CEOs, in private, are telling him the economy is slowing and the Fed is out of touch with reality.
Fine. But the Fed knows exactly what it’s doing — consolidating banks into the hands of the strong, washing the country of the weak. Opening up the labor pool to our most productive companies by disjointing it and casting aside the marginal players. The only way to do that is to slow the economy and cause unemployment.
Boom, bust cycles, all managed by the Fed.
Shares of NVDA are meeting their maker this morning, after missing a whole lot. They blamed weakness on crypto mining. Oddly enough, when they were smashing numbers, I vividly recall them saying it had nothing to do with cryptos.
Let us remember, inexorably, markets do not bottom on Friday’s — not now, not ever.
I sold both NVDA and SOXL in the after hour’s last night and hold 10% cash. I also have another 10% in defensive stocks, like NUGT, and TMF. But, like you, I expect to bleed today, nourish the earth with my energy and pain. Hopefully, it’ll be enough to give reason for a Turkey Day respite, although it’s not looking like a promising eventuality.If you enjoy the content at iBankCoin, please follow us on Twitter