After traveling all day, I looked at stocks. This is what I thought.
Conveniently, BTO’s hit came out in 1974. Gerald Ford was President and wore a “Whip Inflation Now” button. It would be absolutely hilarious if Biden started wearing one or tweeting it.
Those of us old enough to remember stagflation and the roughly 8-year bear market from 74-82 don’t remember it fondly. I was listening to the radio and all of a sudden the market commentator says the market is focused on Chinese lockdowns. I tend to think that the market knew about what was going on in Shanghai and wasn’t surprised by any other lockdowns that are taking place in China.
Seriously, one compelling reason for me to go to the Air Force Academy was a guaranteed job upon graduation. That’s how bad it was in the labor market back in 1979.
There is one saving grace for bulls. Dennis Gartman thinks we have a lot further to fall and said so today. I wonder if he got long the dollar today too?
Those in the trading industry will know exactly what I am talking about. You do exactly the opposite of Gartman when he says something. It’s a guaranteed winner every time.
I do think the market might snap back on small volume. Bear markets don’t go straight down, and bull markets don’t go straight up. Sell the f’ing rips all the way down to 3200.
These people running the show are idiots. They’d screw up a one-car funeral.
Great one here . . . short and to the point. Props for the Gartman angle, been noticing that for many years, has become somewhat of a running joke between me and my peers.
Gartman, haha. Nod goes to the bulls in that the bears got pussywhipped at 4k today with no big downside push follow-through.
Nod to the bears in that there was not a 2.5% ish short covering rally today at 4k :)
I think sellers had their chance and now face some (short term or not) upside pressure.
Oh and God bless the 70's. A good time to be human versus the shithole we navigate today.