Good mid-day my Steemian friends. This is an unexpected "STATMAN" special.
About two hours before the opening we saw a hard down open and the market has proceeded on the down slope. We are down 400 hundred to 24,350.I feel a bounce is in order here based on the chart I put up earlier today. Sentiment is bullish enough (fear) for the market to take a good stand for traders only here.
What's ahead? For me, any rally is one to sell, except we said in January at 26,000 plus to sell 100 percent. We stand by it.
Now, this market can rally easily back to 25,000 or more. Sell it. Below see two charts that are probably reasons 7 and 8 to be out of equities and into commodity based assets. (primarily gold/silver and oil after a much needed pullback.)
Above see the almost twenty year high in consumer confidence. Funny how it always coincides with major market tops. (see the chart below of the 100 year Dow Jones).
China says it will retaliate for our just imposed 25% Tariff vs. 50 billion in Chinese imports. Just recently "we" said there was no trade war. And there will be a currency war. You just read it here! A race to the bottom. We must have the weaker currency. Economics 101.
What CNN has not told you, our debt has been lowered to BBB+ by China. They are going to try and force our rates higher and kill our economy.
Have you seen gasoline lately and interest rates? The price of lumber has skyrocketed and housing market (bubble) is about to burst. Yet consumer confidence is up! This is classic.
The perfect storm is being set for the precious metals. Be a little patient. Some of you are not, as you've heard this for a few years. Yes, I've been frustrated as well. But alas, JP MORGAN (an insider?) has been loading up silver like there is no tomorrow. China and Russia gold.
We are in interesting times, indeed. Thanks for your support, as always.