6/10/202
So much for the rally idea.
Here are some bear market rules.
Stocks fall 7 times as fast as they rise.
All surprises are to the downside.
Bear markets feature strong rallies, which fail.
Eventually various indexes will exhibit a stair step pattern to the down side, a rally followed by more selling.
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Space X IPO starts trading Friday. the firm is trying to raise $75B via 555 million shares.This is double the size of the 2019 Aramco offering seven years ago. 30% of the stock will go to retail investors. The WSJ today notes the endowment at Univ of North Carolina has 10% of its total in Space X, a firm with no earnings.
All equity markets were down today.
Space X will trade on the NASD shown below. I suggested watching from the sidelines this week, understand I already have some small short positions in those bear shares I have previously mentioned.
The hourly chart is oversold suggesting a rally with the IPO Friday. All the Magnificent Seven
the March 23 low in silver was $61.01. The chart looks like that level will be taken out.
Again the carnage in silver and gold suggests what eventually awaits the stock market. the high January 29 was $121.66. At $63.40, this market has already lost nearly half its peak value. the parabolic rise to 121.66 heralded the decline to February 6 at $64.09 less than two weeks from silver's all time high.
The guys touting gold and silver coins on cable TV talk about, if you check, an offer price. They never discuss a bid price, what they would re-purchase your store of value. This is why Sprott exchange traded gold or silver bullion is he better idea. It is not time to buy yet.
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