Over the past week, markets have sold off a bit, scaring people with BREXIT and negative German bund yield headlines. What has gone up is now coming down. After feverish rallies in commodity sectors, some of the air is coming out from them. This is 100% normal. In spite of the fact that I enjoy to post large, red headlines, accompanied by pictures of skeletons, this sell off has been pedestrian.
As a matter of fact, only one industry is down more than 10% this past week and that industry is the ever-lastingly retarded tankers–off by 11.4%.
Most of the selling has been done in basic resources. Here is a brief summary.
Basic Materials wholesale -9.6%
Copper -9.3%
Foreign Banks -9.2%
Electronic Stores -8.8%
Aluminum -8.8%
Shipping -8.6%
Steel -8.6%
Airlines -8.5%
Refiners -8.4%
Solar -8%
The upside sectors include:
Reits and utilities.
The truth is, I entered into this post trying to offer a semblance of light at the end of the very dark and dangerous tunnel. But I’ve failed. The tunnel is long, dark, and filled with terrors. Run for cover, lads, the waters are rising and the life rafts have been occupied by the oligarch class of gentlemen, who’ve boarded the ark several months ago.
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Ok Fedmotherfrackers
YOU CAN RAISE THE RATES
4.7 FOUR.SEVEN FOURPOINTSEVEN
Labor market paradise! 4. Point. 7. Unemployment!
Raise those rates Raise em up you motherflashers
Hi, ho, Silver.
Away.
_____