I wonder if we have turned a corner in the market where low interest rates are no longer "good" for stocks. On its own the damage to stocks was not too severe today but it certainly has the potential to get worse quickly. The nasdaq seems particularly weak as we are right back at QQQQ 37 after only one day of selling. We probably need to get a bounce tomorrow morning if the markets wants to keep this rally going to the Dec highs.
One saving grace in here could be the strength in foreign equity markets. Equity markets in Mexico, Brazil, France, and Taiwan don't seem to be experiencing the deflationary doubts of the U.S. The world never moves in perfect synch but it is something to keep an eye on.
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