The sell off is intensifying as the day progresses. The losses in the NASDAQ are reaching -100 and the Dow more than 250.
The events over the past 2 weeks culminated in rudderless morons using the markets as their personal ATM machine. The history of Wall Street is built upon the broken bones and dreams of the canaille, the new money actors who bore a resemblance of an active day trader using his rent money to finance his pseudo high lifestyle. Anything that is easy is usually a fake. If you believed markets could spiral higher indefinitely, you forgot the most important rule when playing this game.
The house wants you to lose.
Keep your eyes on gold, dollars, crude and treasuries. Stocks are overdue a kinetic response to the downside. Brace yourselves for a grande finale, which entails rolling men in wheel chairs off ramps into deep and unforgiving crevasses–starting at 3:30pm!
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On Tuesday I bought the SPY weekly puts expiring today (219 strike) for a half a buck.
I sold them yeasterday afternoon for 75 cents. Today they are over $4.00. 🙁
Dr. Fly, could you explain a little more from your last post when you said “Just keep your eye on the dollar, for it possesses the power to single handedly make a giant mess out of global trade and FOREX markets. Should you start to see buying enter the bond and gold markets, at the same time markets dive lower, then we have a real problem.” What exactly would signal a red flag in terms of dollar movement, and why would there be a problem with bonds and gold being bid up? I appreciate the insight in advance.
the dollar is at the tip of a triangle consolidation pattern from a bull breakout from mid 2014. we are at the tip at 95.5. so quite an important pivot point indeed. 🙂
CNH breaks $6.70 and all hell will break loose. A strong dollar is a sign of Chinese capital flight.
and Killary on the ropes with wikileaks about the release the knockout blow. the fraud market maybe relenting to a trump presidency. Killary fucked herself, the Dem party and her foundation cus absolute power has its pitfalls. Hubris makes the intellectual a retard. Hubris makes the market crash.
Like a phoenix, I will rise from the ashes.
you realize that the ramp has more potential energy pointing down cus in reality gravity ( corruption ) and friction ( fighting among elites ) exists. but economists and traders are conditioned to hide moral hazards until terminal. will see how the end of the day/week battle turns out.
fly you notice how nice and steady this meltdown is happening. feels weird no? like some is in total control.
All is well Rainman just got lost. Still time to find the retard.
Welcome Autumn!
Still looking for S&P <2100 in October
Market moves higher after election
The Turkey Gods will bless us!