In summary, the count is intact:
This summarizes the past week:
Sears went bankrupt the exact same week that momentum stocks including consumer discretionary got shellacked. In other words, the "new economy" narrative imploded the same week as the old economy narrative went bankrupt.
Which is a summary of the past decade:
The IPO market shut down this week , deja vu of this week in 2015:
Today: Recent Volatility Is Killing the IPO Market
"Simply put, the recent after-market performance of initial public offerings has been terrible."
Smith noted that of nine IPOs scheduled to go public this week, two have been postponed, two priced below the range and two dropped their prices."
The reason the IPO market is toast is because small cap growth stocks are getting annihilated. This week the Russell growth index backtested the 200 day. Which portends somewhat badly for next week:
Semiconductors just broke support going back to last October:
Financial stocks got decimated this week, the one sector we are told benefits from higher interest rates.
One can only imagine what would have happened if higher interest rates were "bad for banks"
Financial management stocks got pole axed:
Retail was shellacked, taking another false narrative of the "resurgent consumer" with it:
The only time that higher interest rates are not good for banks is during a...
Recession:
In summary, the muppets have left the market
