Whoops-a-daisy:
"Alibaba Group Holdings Ltd. reported earnings and revenue that missed Wall Street’s expectations, and the stock turned lower Thursday, despite the China-based e-commerce giant’s attempts to influence how its results were reported."
I'm not saying this "misunderstanding" was intentional, but to borrow Donny's turn of phrase, it was intentional. Gamblers just got rinsed -8% in one day:
I think we all see where I'm going with this...for most of today gamblers were under the impression that the Chinese "consumer" is still A-Ok, despite trade wars, currency devaluations, and Fed rate hikes. It turns out that was just a "misunderstanding".
The downside of currency debasement, earnings and stocks are worth "less":
In the meantime, every Fed governor who could find a CNBC camera was going out of their way to inform us that more rate hikes are coming. If only to poke Curly in the eyes for trying to manage interest rates from Twitter on high...
Now it's up to Fed head Powell to tell us he's the only sheriff in this here town...
Meanwhile in Never Never Land:
A slew of negative housing numbers for July are piling up on top of a slew of negative housing numbers from the last several months.
price gains are finally starting to shrink, according to a report this week from the National Association of Realtor
Demand for housing is still very strong, but yes, buyers are stepping back because of affordability constraints"
There's plenty of demand, there are just no buyers. It's that money thing holding them back again. Raising interest rates 3 or 4 more times should correct the situation.
You had to know that in this cycle, the term "housing correction" would be papered over with a headline saying there's not enough "supply" for people who want to pay $0 for a house.
Picture February VolPlosion except this time with no bid in Tech, Retail, Financials, Transports, Energy...
And defensives...
Because you'd have to be a denialistic fucking moron, not to...
