Why not? His last call was good for 200 points or so... I agree with the call but give it 1-2 more days for the top. Probably will happen today.
Ughhh ohhhh JP Morgan warns of a ‘significant’ sell-off in US stocks this quarter PUBLISHED THU, JUL 25 2019 12:32 AM EDT
There you have it!! Unlimited upside for global stocks. All Central banks should just directly buy stocks and just keep the risk free money making machine on blast. I guess money really does grow on trees!!!!! The ECB could someday add buying stocks to its list of policy moves, Wall Street strategists say Patti Domm | @pattidomm Published 1 Hour Ago Updated 48 Mins AgoCNBC.com The European Central Bank could ultimately add stocks to the assets it purchases in an effort to shake its economy out of the doldrums by prompting companies to do more investment and spending. The ECB met Thursday and left rates unchanged, though analysts expect it to take action in September with a rate cut and possible enhancements to its enhancing its quantitative easing program. The net result of equity purchases, should be to make equity financing more attractive for companies, according to Rick Rieder, BlackRock chief investment officer . https://www.cnbc.com/2019/07/25/the...ght-expand-its-asset-purchases-to-stocks.html
The 2008 collapse was precipitated by margin calls, if I remember my history correctly. Basically, someone marked something to market was like oh fuck need to liquidate. Today the mark to market will be major economic indicators like unemployment rates, etc.
We are poised to drop 3%-4% in a flash, IMO. Nothing graphical or T/A magic, just a "Good News = Bad News" re the FED, plus geopolitical garbage/uncertainty. • Unemployment kissed 200k (this morning) • Durables @ 2% (this morning) • Major U.S. indices at ATHs. • earnings doing fine, fine, fine, AND • earnings projections now coming in more to the upside. • Draghi sez EU recession risk *low*. 1) All of this sez FED rates are in sweet spot, and not to move a thing. Then we have... 2) Market has already priced FED cut in, and will not like a "No change" announcement. 3) China/U.S. trade is a coin flip, with a coin weighted to the "No movement" side. 4) Lil Kim just launched rockets: SKorea and Japan have taken notice, even if U.S. didn't. ~~~~~~~~~~~~~~~~~~~~ 4% drop As all of this spools together with August vacations and satisfaction at recent gains, people will "Sell in August" and hold out until some of this uncertainty goes away. Result? A four percent near-term (Labor Day) drop. "When?" Like, _now_. Like, finger-on-the-Sell-Button. Like, don't-let-your-eyes-leave-the-screen. "If These Things Were Not An Issue"??? Sheeesh, S&P 3100 by Labor Day, easy. But "Don't Fight The FED means 'don't sell out those put spreads' til this mix of Earnings/Economic Joy ___versus___ FED/geopolitical Stress gets resolved some. Thems me thoughts... "Keep your powder dry, and your spreads far."
I say the S&P 500 will top at 3017.8 and we will pull back 9% from this level I will allow 1% deviation on the trade so I will consider this top void if we on a closing basis are above 2959.3