A Long Way To Fall: Stock Market’s Bottom Is Hardly Even Within Sight
When several of the big money-driving voices in financial media and major financial institutions start saying the same thing I am, I start to wonder about myself. Or is it just becoming that obvious now? Some of the biggest names on Wall Street are now saying the stock market is delusional and is headed for a much deeper fall.
Even if you don’t have money in stocks, you might want to listen. The destruction of trillions of dollars of wealth in the world as the Fed hoses up all the money-slop is changing the world and will continue to do so. So, before you go bargain-scooping for those fire-sale stocks, consider the predictions in this article by market gurus that have finally started sounding a little like yours truly with my predictions of the coming Epocalypse (though they are not quite that crazy yet):
The Daily Doom, during just the first two days of this week, covered a few surprising voices in its headlines that brought forth this message, which I’ll summarize for you in the article that follows:
- Delusional Markets Are Underestimating Inflation Again, BlackRock and Fidelity Warn
- S&P 500 Gravy Train Boarding Now Has Flawed Earnings Assumption
- US banks get ready for shrinking profits and recession
- Jamie Dimon Says Fed May Need to Hike Interest Rates Beyond 5%
- Morgan Stanley: US equities face much sharper declines than many pessimists expect with the specter of recession likely
… and in tomorrow’s edition … one more:
The two-Michael’s madness
I’m not criticizing them. They simply now share my madness, having come into their predictions a few months after I started anticipating this journey back in the summer of 2021.
The strongest of these voices is Michael Wilson of Morgan Stanley. While I did criticize Zero Hedge for making so much of the “Two Michaels’” predictions when Michael Wilson and Michael Hartnett of BofA predicted a huge rally for November-January, the market did manage to pound out another perfectly typical bear market rally. That fizzled out at the size of earlier rallies and didn’t as long as the Michaels made it sound, but it is now meagerly attempting to reclaim that height in first part of January, which Wilson had said would still be good for the market up to about January 15, if I recall what he wrote almost three months ago:
This time, the stock market didn’t return to the bottom of its year-long, bear-market channel because Santa Clause, who failed to deliver an actual rally at the end of 2022, did, at least, clip the bottom off the market’s mid-December slip in the snow to where the market slid sideways on its butt through the remainder of December. Now delusional market investors are trying their best to be market makers and drive the market up in their re-inflated hope that a new year may be one of better news and somehow magically wipe away the mess of th
Article from LewRockwell
