Thursday, December 7, 2023

Looking back at yesterday's sell-off - what the Lame Stream Media isn't telling you

 Looking back at yesterday's sell-off - 
what the Lame Stream Media isn't telling you 

Yesterday was an interesting, and unusual trading day. 

Here's my account of how it went down:

Most sectors gapped up at the open, with the Dow, and the Russell 2000, actually touching new (recent) intra-day highs, before selling ensued. 

1. At first the selling looked like an ordinary gap-fade. 

2. The Russell rallied into the first hour, before it rolled over.  

3. The selling continued to gain stream throughout the day, accelerating into the close.        

I can't find any news being reported on yesterday's nasty - midday - reversal, and since the lame stream media declined to cover it, I'm going to have to assume it had something to do with Joe Biden's threat to send US ground troops to fight Russia over Ukraine. Yes, this actually happened! 

Can you imagine if Trump said something this irresponsible? The left wing media would be calling him unhinged!  

Biden: Help Ukraine Now or Send Americans to Fight Russia With NATO Later

Al Jazeera offers some honest reporting on the situation: 

I think everybody - including Vladimir Putin - knows Joe Biden is bluffing, and the leftists are only interested in skimming more money from the situation they created in Ukraine.  

The other thing not being widely reported is 

China warns of firm response after UK sanctions Chinese firms 'supplying Russia's war effort'

China's embassy says it firmly opposes the sanctions and warns any action harming China's interests "will be met with a firm response".

We also had a Moody's downgrade of Chinese debt, but Chinese stocks actually rallied on the news.

Speaking of China 

I believe China is probably getting close to a bottom, and we're probably due for another sector rotation, since this is the closest thing to a bull market the bulls can seem to come up with. 

Perhaps they drive energy stocks back up as well, as they take profits in tech. 

Either way; I expect whac-a-mole markets to continue into 2024.   
Take care, 

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