Overheard this morning...
Bloomberg:
"This is the kind of sell-off that starts to feel like it means something. Does this mean something?"
Wells Fargo:
"You have to put this into perspective we are only 5 % off of the record highs (S&P). We haven't had a 10% pullback in more than 3 years. We want our clients executing their plan, stepping into this market and buying stocks on the downside."
Bloomberg:
"The Dow is now down 7%, and you are the Global Equity Strategist at Wells Fargo - stocks in Hong Kong, Taiwan and Singapore are entering a bear market. Shanghai down at 3,500"
Wells Fargo:
"Things are dicey in China and Emerging Markets, but things look good in the U.S. and Europe. I just talked to our head of International trading and they feel pretty good about the China 6.8% GDP growth number. But if we see an 8 to 10% pullback, that is a buying opportunity"
Bloomberg:
"Really? You still believe the China growth story? Everything we are hearing is that the economy is slowing much faster than expected"
Wells Fargo:
"I hear you, but the Chinese government is not going to sit here and do nothing. They have a lot of firepower and a lot of leverage"
"It's a good thing we're not China"
Selling Pressure i.e. Minimal (circled at right):
"Shut the fuck up and stick to the plan bitchez"
