Globe Trotting newsletter writer Marc Faber went on CNBC this morning to issue his most chilling prophecy of doom yet.
How nervous should you be? Not very. A brief history of Faber’s recent calls for a “1987-style” crash:
Stocks have traded in the same ~2% range for 4 straight days.
The Central Bank madness is just noise. No one was ready to take risks after such massive overnight moves. Once stocks hit the upside of the range Yellen would have needed to launch QEndless to keep us higher. All seemed lost by the time the bell saved us all from apparent collapse
Then FaceBook kicked a mudhole in estimates after hours and rose more than 12%.
Here’s how the S&P500 looks as of the close today. We’ll rip,it up and start over again tomorrow.