Fantastic to see it suffer as Buffet has about 270 million shares of this one stock and over 4 billion dollars of his evaporated today. Even better this company is now right at a trillion dollars markets cap, down about 125 billion bucks. This is seriously large numbers and these bell weather stocks being deflated must be causing grief. We must wait now till Asia opens Sunday night. They were up huge last night and should be dropping.
A bad day for Trump could be the fatal blow for this market. Yesterday, gold for once had a very solid day, and today the bonds sold off and we are back to 3.20%. 3.25 being seen as the tipping point so we are back close.
China’s trade expo is worth discussing. They’re vowing to increase imports under the auspices of globalization, and over 2,800 international firms are attending. However, its also notable the heads of state of the US, UK, France, Germany, Canada, Japan, and South Korea are not attending, with America refusing to even send an official delegation. My guess is the next phases of the trade war will depend heavily on Trump and Xi’s meeting in Argentina later this month.
I note the EURUSD bounce didn't extend above the 1.15 mark. It wouldn't go below the 1.13 mark during the recent bearish run.
It could be sideways between these two points for the short term. With an FOMC tomorrow and all recent US data being positive, I reckon going above 1.15 may wait some time.
The market has a very deflationary feeling to it and stocks like AAPL just shitting the bed is not a healthy sign at all. I was with a man last Friday whose broker told him not to sell 2000 of his 4000 shares of FB. Imagine that amount of money when it was above 215. I advised him to get rid of both the broker and the stock. Of course he is extremely unlikely to listen to me and like most, will ride it down. Some even buy more ss it goes down.
I reckon some people are caught and looking at msrgin calls.
Unfortunstely I covered my AAPL short but still am short BRK class B shares. Buffet owns about 280 million shares of AAPL.