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Well, I think we’ve all stumbled upon a way to reduce the wealth gap that even Bernie Sanders himself couldn’t beat: just destroy it! In a matter of days, a full $2 trillion of equity value has just…………disappeared. The bottom 95% haven’t felt a thing.
Even I, the most bearish of permabears, didn’t see this coming. Not even close. But one chap did, however. He’s someone I’ve admired and respected for years, and someone I consider a friend: he is Attila. Back on February 11th, he said this:
This is what the NQ GLOBEX market looked like at the close on Thursday afternoon. An absolute massacre. Biggestdrop in the Dow in history. Trillions of dollars of market cap destroyed. Let’s see if this line holds or not. If this week is any guide, it may prove meaningless.
I last wrote about US 10-Year Treasury Yields in my post of August 16, 2019, which warned of potential upcoming weakness in the equity market. It was trading at 1.556.
Since then, it rose to a high of 1.952 in December, reversed course sharply in January, and has plunged to an all-time new low of 1.254 as of 2:15 pm ET today (Thursday), as shown on the following Monthly chart, as equity markets reached a 10% correction level this morning.
The big question is, is this capitulation or is it a warning of further equity weakness?
Let’s take a break from my “weren’t my ideas great?” and “why didn’t I cover later?” posts and look at something bullish: Zoom Video Communications. Let’s face it. If ANYTHING can perform this well throughout the mayhem of the past couple of weeks, they must be something special.