In a rising interest rate environment, this might finally be the prick that breaks the "Everything Bubble". We have the Dow down over 400 points today and its sitting right at its 50-Day Moving Average. If we get a close below there and the down trend continues through Friday, batten down the hatches mateys, 'cause there's some rough seas ahead. My guess is that there will be a "mystery buyer" (Financial Stabilization Dark Money) come in a prop up the markets again, but we will see.
All eyes should be on interest rates as well. Housing is already getting hit by rising borrowing rates and they are still way below the historical average of around 8%. If we continue to see rates move higher, housing worldwide is toast. We will see 2008 all over again only this time it will unfortunately be worse.
The US 30 Year Mortgage Rate is at 4.72%, compared to 4.65% last week and 3.83% last year. This is lower than the long term average of 8.10%.
Housing is starting to be affected by rates that are still around half the historical average! What happens if we move to just the average? It won't be good.
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