It can never be so simple as the market was due for a cooling of its jets, whether mini or something more maxi. I mean, we anticipated it but the media don’t want people anticipating things based on boring things like overbought/oversold, seasonal, sentiment or valuation. Not on the daily basis on which the MSM needs to farm eyeballs, anyway.
So today the market is down because… Trump/Jinping, rationalizes the MSM, as “investors are staying out of riskier assets as they wait for the meeting on Thursday and Friday between Trump and Chinese President Xi Jinping.”
At least that is what this guy thinks…
“The price action in different asset classes indicates that investors are favoring the safe havens ahead of a potentially [tense] Trump-Xi summit,” said Hussein Sayed, FXTM’s chief market strategist, in a note.
The media have them hand picked to provide click baiting pap on demand for every market squiggle. Well why was some guy with a head stuffed full of flu able to project this squiggle well before today’s media rationale? Right! Because it has absolutely nothing to do with it.
“In a note” always makes them sound so buttoned down, doesn’t it? In a note… In a note my wife left me it says I need to pick up milk, coffee and dog food.
Anyway, I can feel I am still not right as a blog poster or market analyst and my mood is foul enough as I try to shake this bug. I’m looking forward to being able to provide serious content again soon. But for now…
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