You know you live in shaky times when you have something like a stock market that swings up and down in response to mass panic. However, when you let the serfs buy stocks, they buy like chumps and sell like losers. Consequently, even a little bad news can kick off a crushing domino effect.
Today the proles are freaked out by something that should freak them out, namely America officially announcing that it has reached third world banana republic status where every election is dubious and no one is trustworthy. Seriously, it’s just like Mexico. They “found” more votes? These votes are almost all for the Left? Dubious, to say the least.
Not surprisingly, stocks took a big hit, and so now we are looking at a market correction as people realize that Big Tech will not be the force powering us out of this latest decline. This means that investors have found out that Big Tech is not coming back:
The S&P 500 tech sector itself traded in correction territory, down more than 10 percent from its 52-week high. Within the sector, nearly 70 percent of the stocks were at least in a correction.
Peter Boockvar, chief investment officer at Bleakley Advisory Group, said “the FANG trade is dead and the market is struggling to find a replacement.”
The markets have discovered that we are in yet another dot-com bubble and the bubble is popping. That means that these hideously over-valued companies will be losing that value, lots of people will be losing money, and panic will rule the land.