Blame China all you want, but as I always say, the market looks for a reason to let some air out. The $SPX has been poking up against that 1850 level for a while now, it never got the thrust it needed to get through, so it decided to roll over. It should be know surprise to you at this point that China is smoke and mirrors, run by grifters, Get over it.
It’s nice to see the Cristal flowing and the hookers walking the red carpet over in Davos. It’s also great to see Goldie Hawn and Matt Damon making an appearance this year. I’m now convinced that if Goldie and Matt showed up in Davos back in 07 we probably would have avoided the crash and the ensuing great recession. Next year the topic will be the coming global Ice Age. I’m still trying to figure out if Christine Lagarde spray tans.
Right now, futures are getting a follow through to the downside.
$SPX held on to its uptrend line yesterday, but stands about 15 handles above its 50 day moving average which is around 1812.
The Dow broke its uptrend line yesterday, broke its 50 day moving average briefly, but closed above it.
Have a good Friday and good luck today. My subscribers are absolutely killing it this month. Come grab a