Be sure to catch yesterday's 2 (count 'em) 2 market updates; the second of which included updated Dow, and $SPY charts.
Everything that's wrong with this rigged Stock Market
I could easily do a top 10 things that are wrong with this market, but let's try to keep it to 5....
1. Cryptocurrency - The ridiculous crypto currency market is a perfect example of everything that's wrong with this market, and proves that valuation is not an indication of real value. Crypto is worth whatever someone is willing to pay for it, and estimates range from 0, to $1 million, depending on who you talk to. Crypto has become just one more sector to pump and dump.
Speaking of Crypto
I recently called Bitcoin a sell, as it continued to retest the top of the range it's been trading in for the past several months, and today we see it trading back near the bottom of the range.
Most everything - except tech & trash -seems to be trading in a similar pattern - a topic for another day
2. Foreign Investors
I think allowing foreign investors to drive US equities is a recipe for disaster.
Do we really want to rely on the Saudis and China for future earnings growth? This seems to be a conflict of interest, when national security runs counter to investment strategy.
When Global Markets collapse you're going to see forced selling of US assets, and the Fed has been forced to bailout foreign entities, more than once.
3. Corrupt Financial Institutions Run The Table
Just Yesterday: Deutsche Bank Draws Fresh ECB Scrutiny Over FX Sales
How many times have the banks been caught red handed... and all they receive is a slap on the wrist?
Of course the powers that be go easy on the banksters, because they have campaigns to finance. Politicians know where their bread and butter comes from.
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