Pump N Dump Markets Continue
Didn't I tell you they didn't want to chase this rally into the new year, and here we are only a week later, and tech has supposedly had the worst opening week in 20 years?
They drove stocks up on light holiday volume, only to dump them on the first trading day of 2024.
Of course the month isn't over, and the $VIX remains super low, so this is more of a shakeout, and a sector rotation, than a meaningful correction.
The selling has been limited to a few sectors - small caps, and tech - so the 2024 market looks exactly like the 2023 market.
Funny, Fast Money alerted to this "magnificent rotation" coming in 2023, and all it took was someone at Barclays to downgrade Apple, and that was their green light to sell tech.
Who/ what is Barclays? .... I really never gave it much thought, but then I found this, "British universal bank" has been since before the foundation of the United States! Makes sense that they would provide the catalyst... since the rigging of global financial markets begins in the UK.
Barclays is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services.
Barclays traces its origins to the goldsmith banking business established in the City of London in 1690.[4] James Barclay became a partner in the business in 1736. In 1896, twelve banks in London and the English provinces, including Goslings Bank, Backhouse's Bank and Gurney, Peckover and Company, united as a joint-stock bank under the name Barclays and Co. Over the following decades, Barclays expanded to become a nationwide bank. In 1967 source wikipedia.org
I have 2 Barclays charts - neither of which I can share - and I can tell you that the financial system is not as sound as "the powers that be" claim...
And instead of the lame stream media focusing on this downgrade, and the person or persons behind it, and the lack of transparency when it comes to who is selling (short) the market, they choose to report nonsense, such as the fed minutes.
Happy New Year!
I can't complain, because I knew the market would correct soon enough, and especially when you see momentum dry up, as we did at the end of 2023.
This has been an extraordinary start to the new year, for those of us who had a good idea of what to expect in 2024!
Hopefully you learned something in 2023, and are having as prosperous a New Year, as I am.
AA
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