With continued volatility in global markets, today one of the greats in the business sent King World News a powerful piece warning that a massive stock market crash is coming, despite the not so invisible hand controlling the markets. He also discussed what is happening in the metals and currency markets.
March 9 (King World News) – The late-day decline that eradicated yesterday's rally was forgotten this morning by the SPOOs, which staged a 0.5% comeback as we approached the New York opening. However, that rebound was wiped out in the span of about five minutes, and then another bounce began.
The Not So Invisible Hand Controlling The Markets
It is virtually impossible on most days to determine why the markets did what they did, but we now see decent-sized moves that come out of nowhere with no news attached far more often than in the past, which is most likely a function of all the quants and algorithmic trading, etc.
A Stock Market Crash Is Coming
One can only imagine once the news turns bad enough and the market becomes weak enough what a unanimous opinion on the downside might look like. How anyone thinks we are going to avoid a crash is beyond my comprehension, but then again I find myself saying that about a lot of things these days.
Currencies & Metals Remain Volatile
Turning back to the action, after the initial ramp-fail-reramp, the market flat-lined it the rest of the day and closed with the modest gains established early on, though the Nasdaq did manage to add almost 1%. Away from stocks, green paper was mixed but quite volatile today, as many currencies traded on both sides of unchanged. Fixed income was flat, oil was hit for 6%, and the metals were lower as well, with silver losing 2% to gold's 0.75%. ***To subscribe to Bill Fleckenstein's fascinating Daily Thoughts CLICK HERE.
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