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Past Is Prologue: "It Was Black Friday Before Black Monday"
Saturday, March 24, 2018 20:09
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“It Was Black Friday Before Black Monday”
by Tyler Durden
“It could never happen again…” is the constant refrain of the asset-gatherers and commission-takers around the world as they prepare to defend their livelihoods from yet another delusion-clarifying plunge back to reality for stock prices.
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Well, after this week’s bloodbathery – and tearing down of the social-media-will-remake-the-global-economy narrative – many are starting to recognize that all is not well… and perhaps, just perhaps, the support pillars of this flimsy potemkin village we call ‘the stock market’ have already crumbled…
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Dollar funding markets are extremely stressed and The Fed’s balance sheet contraction (and its implicit tightening of liquidity) is not helping…
Gluskin Sheff’s David Rosenberg has been very vocalabout his fears that market participants are blindly ignoring the similarities – fundamentally, geopolitically, and technically – to 1987. He previously tweeted…”Hmmm. Let’s see. Tariffs. Sharp bond selloff. Weak dollar policy. Massive twin deficits. New Fed Chairman. Cyclical inflationary pressures. Overvalued stock markets. Heightened volatility. Sounds eerily familiar (from someone who started his career on October 19th, 1987!).”
And in his latest tweet, Rosie warns…”It was Black Friday before Black Monday.” Suggesting investors “Look at this memorable clip from the legendary Louis Rukeyser’s Wall Street Week from October 16, 1987.Focus on what Marty Zweig had to say, and pour yourself a strong one as you do!” Marty starts around 6 minutes in…
“Before the Crash – Wall Street Week October 16, 1987. First 10 minutes of Wall Street Week episode from Friday October 16, 1987 just prior to the market crash on black Monday. Hosted by Louis Rukeyser, guests included Martin Zweig, Marry Farrell, Louis Holland and Allen Sinai.”
