The tax cut is starting to look like chump change next to capital losses. And yet a mere down payment on what is owed. Shedlocker says this is the "lost decade" coming up. As always, I 100% disagree with the Banana Republican - the lost decade is the one that is right now being fully regurgitated. The point of this current "event" is to wrest control over the future from the deathgrip of rapacious criminals.
And I am more optimistic than ever.
In summary, 2008 redux is on schedule:
Last week, the S&P back-tested the 200 day and failed.
This week, the S&P back-tested the year-to-date break-even line and failed.
Amazon broke its 200 day this week for the first time in almost three years:
The Nasdaq 100 back-tested its 200 day this week which failed. Note that heavy volume is coming in on the down days, whereas back in February, the heaviest volume was on the up days.
Bulls are still in fantasyland that this is a correction in a bull market.
Overall breadth is abysmal. The arrow to the left points to the 2015 August smash crash. What is happening now is the analog:
Bulls are hoping that stock buybacks bail out this illiquid market, but peak earnings are next week:
This week the safe havens got taken to the woodshed:
Which again invokes memories of 2015 smash crash:
Apple is the last MAGA stock to report (November 1st):
There has never before been more relying on one massively overvalued stock, than right now:
Just remember: "We're winning".
The war of denial.
