Today top Citi analyst Tom Fitzpatrick sent King World News a major warning.
Is The U.S. Stock Market About To Crash?
Top Citi analyst Tom Fitzpatrick just updated his market crash warning: Nearly every asset class/market has had a significant move over the past 2 weeks:
- Gold has fallen by $100
- Oil has rallied more than 15%
- US 10 year yield has risen more than 20 bps.
- In major FX markets we had a Sterling flash crash
- In local markets USDZAR has had a small “shock”
Are the equity markets next?
This week they have started to wobble. In Asia the Hang Seng and Kospi Indices posted bearish outside days yesterday and are in the red today. In Europe the FTSE 100 is struggling to push above last year’s high (7,122) despite two attempts and despite the weaker GBP…
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Here we refresh the S&P 500 chart as is tests important supports at 2,119 – 2,134 which includes this year’s rising trend line (note the air pocket if support breaks).
A close below 2,119 would suggest at least a fall to the 200 day moving average at 2,067. What is more worrying is the potential for a sharper fall given the similarities in price action to Oct. 1987 (see ominous chart below showing the 1987 market collapse vs the action today)…
***KWN has just released the extraordinary interview with Dr. Stephen Leeb, where he discusses the gold and silver smash, what to expect next and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***Also just released: John Hathaway Says We Have Now Entered A Momentous Period For Gold CLICK HERE.
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