Monday Dec 24 2018
I was in broker school from Oct 1973-April 1974. I have followed markets since I re entered that business in 1983. I do not ever recall a Christmas Eve day like this.
CNBC reports this is the worst Dec since 1931 that is the very heart of the Great Depression sell off.
The DJIA sold off 250 points the first hour. It then rallied back to 22 300 so it could fall another 500 points the last two hour. Clearly the smart money is getting out while the rest of the country is stuck in buy and hold mode.
Worse crude oil sold off $3.06 to 42.53. Next stop $40 but this kind so shellacking suggests that 40 will not hold, and 26 is the next stop down.
It is near unbelievable that CNBC is still debating whether this is a correction. This is as the Brits would say a bloody awful prelude to a total meltdown.
NYSE Advance Decline - falling off the chart, this is the first reversal like this since teh turn down in 2008
Gold had a great day up $13. I am beginning to think stocks sell off into the end of the year and gold rallies into a top this week
and then we reverse in the new year with gold pulling back while stocks move up but that is a sheer guess.
USO
$8 on USO corresponds to $30 for crude oil at top. I am guessing USO goes to $5 given the PMO at the bottom. The last three months took out over a year of advance and sideways action.
Few are even beginning to grasp the significance of all this. The markets are flashing not just trouble but serious trouble for 2019.
Social Mood is crashing to the negative side.
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