Perhaps You Rue the Day You Stopped Listening to Me Now?

Markets are clinging to the lows of the day. For months you were subjected to torture here at iBankCoin, forced to read news items that spoke to a storm on the horizon, one that promised disaster. Le Fly was adamant about his bearish position, a stance not taken since before the credit crisis (yes, I called that too). Some of you went out of your way to email me, discussing how annoyed you were with me and that my forboding commentary weighed on your delicate conscience. You just wanted to read pleasant things, because, well, the world was your oyster and you enjoyed shucking in it.

After two days of tumult, and -30% drops in a myriad of stocks, finally, you’ve found religion. NOW you believe me, at least until the markets uptick and you are provided another life line.

The funny thing about this drop, it isn’t even the reason why we’re gonna fall hard. Oh, you thought I was in bonds and gold because England was destined to leave the UK? Pfffff.

Go dig deep into my archives from January and February of this year and read about some of the real reasons to be scared, stemming from China and the complete collapse of the EU.

BREXIT was the tipping point, the salient moment in time when everyone stopped doing lines of blow, stood up and paid attention to the world crumbling around them. Traders felt a sense of danger, a mortality if you will, and began to sell.

We know how these squalls play out. Selling begets more selling, until the facade which was hiding the true hideous face of this market is exposed and then panic sets in.

Others will wonder why no one saw it coming. But you will remember and rue the day you stopped listening to the one who knew, the crazy man aboard the ark.

Now go in peace. The sermon has ended.

Note: my gameplan for this tape is up in the Exodus blog now.