Tag Archives: markets

When asked what the biggest risks facing the economy are, David Stockman, lifelong Capital Hill and Wall Street insider, says “That’s easy. There are three: The Fed, The Fed and the Fed.”

After decades of misguided policy and chronically missing its targets, Stockman thinks the Federal Reserve is truly barreling off the rails now, hurtling our market economy towards disaster.

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Was last week the top? Are we headed down further, perhaps much further, going forward?

This week’s guest expert, Lance Roberts of RIA Advisors predicts that, while no one knows what will happen in the immediate short term, longer term risk in today’s markets remains squarely to the downside.

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What a difference a week makes…

As of the time of this publication, over the past day and half, the S&P 500 has fallen by -5.5% and the Nasdaq by -9%.

As we have long been warning, market tops are processes, which can take months to play out. But corrections are events; they happen quickly — oftentimes leaving you no time to react.

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In 2008 the banks were Too Big To Fail. Here in 2020, the stock market looks Too Big To Fall.

So much of the status quo is now dependent on ever-higher asset prices that any weakness is immediately met with overwhelming support by the central banks and/or national legislatures.

Many are now wondering: will stocks ever be allowed to drop again?

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Michael Pento, this week’s Market Update video expert guest, thinks it’s willful delusion. History is crystal clear that disconnects like we have today between (over-inflated) asset prices and the underlying (contracting) economic reality always result in crisis — either a deflationary repricing, or a destruction of the purchasing power of the currency.

Michael shares the 20 financial and economic metrics on the dashboard of indicators he tracks to determine where we are in this story, and which outcome is looking most likely to happen when. This week’s interview is worth listening to for that list alone.

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Well, folks: we’re officially in a price melt-up in nearly all asset classes.

Those cheering this white-hot rally argue that it truly is “different this time” and that the commitment of the world’s central banks and national legislatures provide a guarantee that prices will not be allowed to retrace.

But Doug Noland, this week’s Market Update video expert guest, strongly disagrees.

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All of a sudden, the lead stock of the current massive market rally, Tesla (TSLA), is faltering — down nearly $250/share (14.3%) since yesterday’s open.

This is important because Tesla embodies the faith, optimism and exuberance that has been required by investors to support stock prices up at their current levels — which by nearly every conventional measure, are now more overvalued than at any prior time in history.

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Stop me if you’ve heard this one before. GDP falls -35%, the worst quarterly drop in the history of the US economy….and the Too Big To Fail banks make record revenues:   Got that? Over 50 million Americans have lost their jobs as a result of the economic carnage inflicted by the covid-19 pandemic. And…

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At this point, as go the leading Tech stocks, so go the markets.

So much capital has crammed into the tech sector this year that it boggles the mind.

But we’re now seeing a trajectory that we’re familiar with — a near-vertical blow-off top.

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