iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,689 Blog Posts

Markets Sink on Dreadful PMI Data

Do not take this lightly. The world is in lockdown mode due to the virus scare — which is definitely going to reduce growth. The Chicago PMI just posted the worst numbers since 2015.

Via Zerohedge:

42.9 vs 48.9 expectations

Business barometer fell at a faster pace, signaling contraction

Prices paid rose at a slower pace, signaling expansion

New orders fell at a faster pace, signaling contraction

Employment fell at a faster pace, signaling contraction

Inventories fell at a faster pace, signaling contraction

Supplier deliveries rose at a slower pace, signaling expansion

Production fell at a faster pace, signaling contraction

Order backlogs fell at a faster pace, signaling contraction

Heading into today I was 75% cash. This sort of data doesn’t convince me to step back into stocks. Quite the opposite, actually.

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4 comments

  1. purdy

    Started some long-term NIO ..down another 10% today.

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  2. og

    Wow Muddy Waters with fraud report on LK.

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  3. numbersgame

    sold the TVIX for +13%

    Would hold, but wary of short-term market manipulation or tweets. Decided against reducing my Treasury positions, however.

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  4. numbersgame

    The Roku/FOX battle is interesting to watch. Is content stil king (Fox/SuperBowl) or is access more important (Roku).

    My guess is that Roku is pulling an Avenati that will blow-up in their face, which seems to be the market’s reaction as well.

    https://finance.yahoo.com/news/roku-falls-amid-plans-pull-152114604.html

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