Last week stocks gapped up on Monday tagging the high of the week and reversing hard down thereafter. So far, this week is starting off the same way...
For today's shortened trading session, the fake reflation juggernaut picked up where it left off last Friday, until such time as gamblers remembered that they already own too many broken bank and Energy sector stocks. Meanwhile the growth/yield deflation trade was unwound today with equal velocity. Which means that there are now no sectors that are not fully technically broken...
First off, the "Amazon is taking over the economy" delusion has now been thoroughly discredited. Because the asinine widely believed narrative that a 24 year old internet company could decimate the entire retail economy was not far-fetched enough for today's hardcore Idiocracy:
Amazon closes below the 50 day for the first time since December
Internet overall has been abandoned
Some people have forgotten how fun Y2K was when Tech stocks went down every day for weeks on end...
Bitcoin peaked above the down trend line off of yet another test of the still rising 50 day...
This is going to be a lesson in fake Presidents they never forget...
"At some point the Fake News will be forced to discuss our great jobs numbers, strong economy, Mika's facelift, WWE wrestling, grabbing pussy, and covfefe..."
