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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Started some long-term NIO ..down another 10% today.
Wow Muddy Waters with fraud report on LK.
sold the TVIX for +13%
Would hold, but wary of short-term market manipulation or tweets. Decided against reducing my Treasury positions, however.
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