Profit taking on Wall Street is usually in October. This could be a strategy to pump up the market, and then those in the know pull everything out, screwing over the less adept.
They did it in 1929.
Dead cat bounce.
Your IRA's are down 25%. Thank you Joe.
Here’s how it works: As long as the spigots remain open, banksters and fed.gov are happy and stocks rise. Everyone else gets crushed with inflation and intergenerational debt... but that’s *their problem.
Raise interest rates and kill banks, or keep them low and kill the consumer.
There’s no 3rd way.
The market remains mostly flat other than a few stocks pulling up the averages. The market will trade in a range until the economy really goes south. It’s inevitable. Government spending has not been curtailed and it will accelerate given the debt limit has been eliminated and Republicans are pussies. The Fed is no where near Taylor Rule interest rates. They can’t go there for fear of bank failures. We will see inflation continue and wages increases lagging inflation. It’s been 26 consecutive months of declining real wages. People are making up the difference via credit cards. Consumer debt is at an all-time high. Government debt is at an all-time high. Something is going to give. Then the market will bottom out. Any talk of a bull market ignores economic indicators, the worse being the inverted treasuries yield curve. The inversion was at near maximum two days ago.