Over the Hill and Not Out of the Woods We Go!
Another sleigh ride today for stocks with plenty of tumult for Tesla as Zero Hedge noted:
Shit’s getting real in equity-land as this morning’s selling pressure has turned into a blood-soaked sea of red with TSLA leading the plunge, down 11% [and] The S&P has erased all of the week’s gains…
… and …
Traders are bracing for worlds end
The NASDAQ took it worse, plunging midday the most it has since September 13th and ended the day down 11% from its last rally peak. This all puts the NASDAQ on track for … (drum roll) … it’s worst December since the big dot-com bust:
(I think Bloomberg got its Christmas colors as upside down in that graph as the market thinks. Shouldn’t the December’s that were down be the ones that were in-the-red with the money-makers in-the-green? Ah well, what do you expect in this world of slop-happy financial reporting?)
Nevertheless, all stocks did manage to recover about 50% of today’s steep fall in the latter half of the day.
What is endlessly bemusing but also frustrating in this is the market’s idiocy as it is not hard to figure out where this is going:
Appaloosa’s David Tepper told CNBC … he is “leaning short” because central banks around the world are tightening and traders should “not ignore what the central bankers are saying.”
It’s so simple for anyone who hasn’t been clubbed on the head. If you didn’t believe in fighting the Fed all the way up, you have no reason to believe you can fight the Fed on the path down.
I’m leaning short on the equity markets right now because the upside/downside doesn’t make sense to me when I have so many Central banks telling me what they are going to do, what they want to do, what they e
Article from LewRockwell
