Wednesday, August 12, 2015
Market is barfing today on news that OMG CHINA DEVALUED THE YUAN BY 3% IN TWO DAYS THEY MIGHT MAKE IT A WHOLE 5% OMG DEFLATION DEFLATION BRING OUT ALBERT EDWARDS TO TELL US ALL ABOUT THE COMING APOCALYPSE PLEASE HOLD ME.
And of course some people have to chime in at this point with their own bullshit charts.
But here's the money shot for you:
OMG SPX IS ROLLING OVER well no really it has no reason to because the US economy is doing fine if you bother to follow the economic indicators instead of some blogger, and if the 25% USD appreciation we saw last year didn't tank it back then, well a 3% unpeg of the yuan won't either.
Though it's interesting SPY's at the weekly SMA(50), cos the last time it was down there the US was being decimated by that Ebola epidemic that took millions of lives and destroyed their economy oh wait that didn't happen did it and thus the last touch of the weekly SMA(50) was an epic buy opportunity.
Despite all the bluster about $SPXEW and OMG biotech and OMG internet stocks, QQQ is still doing fine thanks very much.
Anyway, one bit of good comes from this - chance to buy XIV after a $VIX pop again.
Oh, one other bit of good news that came out of this: I finally deleted Business Insider from my smartphone, after seeing more and more bullshit commentary from clowns like Albert Edwards. It's unbelievable that they got worse after Joe Wiesenthal left, but it's true: they've become Zerohedge without the seething racism.