Along with all your points which I completely agree with such as positioning, profits, policy, protectionism, price action and pain, there is in my opinion probably a 50 percent chance that we still have to retest earlier lows from a few weeks ago, that’s what usually happens after big correction. After this weeks selloff that followed the big selloff the probability could be even higher. The Fed always creates bubbles, helped by margin calls, traders, speculators, short sellers and strategists who ride the wave BUT NEVER TAKEN IN ACCOUNT the setbacks and recessions that arise. Usually If Fed gets ahead, even slightly ahead, adjustment is mild yet positive. If late, nose-bleed PEs lead to meltdowns like 2009, 2001...Along the margin calls which kick within three days usually there will be traders who hedge their positions. We shell see...
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