How can you even claim that technicals matter?

Seriously, you still going to own this statement?

 

I should start a poll for this, but I won't bother, asking: why did the market go down today?

I am guessing a majority would say because of what Chumpie said during his campaign press conference slash minor inconvenience to him CV-19 pandemic, about next two weeks are going to be very painful. Very, very.

Then a minority (that I include myself in) would say end of quarter window dressing finished yesterday and more bear market selling resumed today.

And the TA vs FA debate goes on.

 

Yes. I said that. I can explain it more fully, but not in a sound bite.

 

First rule of holes...when you find yourself in one stop digging

 

There's some truth in what he's saying; the narrative plays to market behavior and events. Even when the market is simply overbought and is reverting to its mean, the narrative is the market has lost billions or trillions and something new and catastrophic is occurring.

Steve might be pushing it with the notion that Coranavirus is simply another narrative for market behavior that was always going to happen and has no real effect on the market.

Coronavirus was the catalyst that made the correction much more pronounced and in a much shorter time frame than if left only to the other market forces.

 

Maybe, just maybe, "the narrative is the market has lost billions or trillions and something new and catastrophic is occurring." because in fact something new and catastrophic is occurring!

The real impact of massive stay at home orders (or the alternative of massive numbers of hospitalizations) on company profits, company viability as ongoing concerns, and the downward spiral of reduced consumer spending is orders of magnitude greater than any mean reversion at this point. And it's in addition to any mean reversion, you can't just ignore its impact in and of itself, which is what our brilliant friend is advocating.

 

Nero supposedly "fiddled" while Rome burned.

Wondering why the market did what it did, after the fact, is the today's version.

2 minutes till the opening bell.

 

I agree 100%, not a good example for Steve to be pushing his theory of news simply following the market and having no material effect.

 

Just so you guys know, the OP is a member of CMT

https://cmtassociation.org

 

%%
OK;
what if he is only 97% + right?? Thats close enough to 100% for me= price + fund da mentals are about 200% more important than almost all news.[Even if the hype turns about to be party right-AMZN/tech can do real well with stay @ homes...……………………………………………………………………………………………………………………………….]