I will reserve judgement on today's strong open until we see the close. Because that's what happens in bear markets – strong opens, weak closes. What we saw all last week.
But really, what could go wrong? pic.twitter.com/PnEtb0MYXR
— Mac10 (@SuburbanDrone) August 7, 2023
Big divergence between S&P 500 industrials and leading economic indicators
The former is expecting a big rebound in the manufacturing cycle
But leading economic indicators point to a rapidly deteriorating economy pic.twitter.com/UcbmOrX5Be
— Bravos Research (@bravosresearch) August 7, 2023
Berkshire peaked last in 2022. And then exploded straight down. Taking down anyone who believes Warren Buffett is a "guru".
And S&P lows hit the highest level since March 2020. pic.twitter.com/5agj6dHTe4
— Mac10 (@SuburbanDrone) August 7, 2023
Breadth is negative on the Nasdaq. The algos are trying to rotate from mega cap Tech to cyclicals, but as we saw late on Friday…it's probably not going to work. pic.twitter.com/jXXlBQxusX
— Mac10 (@SuburbanDrone) August 7, 2023
Brokered deposits (hot money) are being used to hide problems in regional banks.
The Fed's monetary policy is tearing apart the financial sustainability of many of the small and regional banks.
— Wall Street Mav (@WallStreetMav) August 7, 2023