Denialistic Crash Mode

Recession stocks got pounded today, as the last leg of the stool crumbled. The denialists cast about for any reason why. It obviously can't be due to global synchronized meltdown in real-time...

The premise of Elliott Wave Theory is that markets are driven by sentiment and social mood not by specific events, hence when stocks are rising, gamblers make up positive reasons for the rise, when they are falling, gamblers ascribe negative reasons. For example, today defensive medical stocks got pole axed on news that Johnson & Johnson knew about asbestos risk in the 1970s. The only problem is that the story is at least a year old...

First, today's shocking headline:

Now, last year's shocking headline:

Here is where it gets interesting:

Of the largest cap stocks, Johnson & Johnson rolled over last i.e. this week. From the exact same level as February VolPlosion:

"We found more asbestos"

J&J peaked last in 2008 as well:

Another iconic bluechip stock reached its 2009 low this week.

The sad irony is that a bunch of denialist idiots with the economic acumen of a dead squirrel took this stock out of the Dow, instead of seeing it for what it was all along, warning of a broken economy.

And of course Trump's incompetence:

Goldman Sachs is in full 2008 mode:

The high beta Trumpflation trade is now officially in a bear market:

Transports got annihilated this week:

Autos

Retail

Oil Services are now below their 2009 lows:

The S&P 500 is now down -3.5% on the year, which means that all of Wall Street's 2018 market strategist forecasts from a year ago are wrong.

With two weeks left to go. And nowhere to hide

Let's see, rejected at the 200 day, spiking new lows, and oblivious December rate hike. Where have we seen that before?