Markets In Panic Mode
It looks like we are finally getting the washout in tech stocks, small caps, commodities, and especially crypto, that we have been talking about for much of this year.
Among other reasons that are keeping us from getting too bullish right here right now are thoughts like this – the S&P 500 just got to that 5000 level but a few months ago and since it blew right past that level and kept running higher, even today's big sell off coming on top of last week's big sell off has the S&P 500 back to.... 5150 (great album by Van Halen, by the way...and also code for California law code for the temporary, involuntary psychiatric commitment of individuals who present a danger to themselves which is why VH named their album that).
That said, it looks like we are finally getting the washout in tech stocks, small caps, commodities, and especially crypto, that we have been talking about for much of this year. We have been saying for awhile, something along these lines "we love our favorite longs, but we remain cautious with respect to the broader markets"?
