We Can All Smell It Coming

April 26, 2019

It’s like a breath of fresh air when the futures actually finish lower on the day. Granted, the S&P slippage on Thursday amounted to only a few measly points. Would it be churlish to hope it’s the start of something really nasty? Bulls should be hoping for nothing less, since the broad averages, especially the Nasdaq, are desperately in need of a rest.  Nitro-fueled by FAANG stocks, the Naz has been climbing very steeply since early March. Corrections have been few and far between, averaging about one ‘red’ day for every ten ‘green’.

This is extraordinary, but the longer it continues, the more brutal the inevitable shakeout.  We can all smell it coming. Perhaps it has already begun.

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During 1500s the Spaniards had taken 16,000,000 kilograms of silver from Peru.

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