China In A Bull Shop
Friday morning’s DOW futures are heavily in the red, and it does not portend well for the stock market.
We’ve seen a 10-year bull market and some were saying the market could never go down, especially with the endless quantitative easing. Some said there was no other viable place for money to go, so the market would go up ad infinitum. A new paradigm of sorts. When you hear talk like that, it usually means the market has topped, but this bull just kept running up further no matter what.
Nothing could touch the Teflon market bubble. It’s a bubble that showcases unreasonable valuations (Tesla, for example), but the bubble kept inflating no matter what. Those that shorted it quickly turned into losers and were forced to cover—thus adding more fuel to a perma-bull market on fire.
It took China’s coronavirus to change all that. Now it’s a matter of just how much damage will be done. I’ve become accustomed to seeing the market always turn bright green after a few red days. Will Friday be the turnaround day? It remains to be seen and my crystal ball broke a long time ago, but it strikes me now that this market may not be just another buying opportunity.
Caution is advised.
—Ben Garrison
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