Its On Like Donkey Kong?
It certainly felt like it on Friday, and perhaps we see further market weakness Monday, but very soon they are going to squeeze some shorts and that is close. On the other hand, I think Greg Mannarino’s market top call two months ago is solid, and trying to time the short squeeze with a quick trade could be hazardous if you have a time decay/leverage play in this market. They are going after the last meat on the paper play bone. Here’s the rub for the bulls, if the damage done to the leveraged players Friday can’t be staunched on Monday then a feedback loop of selling will spiral quickly to Hell. My guess and my hope is they are in some CONtrol of this mess of a market and get their fingers in the dyke quickly and keep this from the day of reckoning for a few more months.
I think the “global recovery” meme is finished. China and much of the industrial world have shown declining metrics for months and are now accelerating to the downside. Those stats can be massaged (and they have been) but the underlying economic impact can’t be ignored. Therein lies the real problem. China had to devalue and try to de-peg from the dollar before it implodes. Now the U.S. will need to respond to the currency war and “suddenly” we get the bubble puncture here. With air coming out, fear will follow. Fear will be needed for any drastic measures to be taken by the Fed “toolbox” which isn’t too hard to figure out. They’re stuck. They may try to juice the market into the “expected” September rate hike and claim victory with a millimeter rate hike, but I don’t think that scenario is high on the list with China’s checkmate Yuan devaluation.
If fear is their trade now then its going to be extreme volatility during the next couple of months. It may stabilize next week but don’t let that fool you. The technical damage to scam stocks like Green Mountain Coffee and many other “market leaders” is massive. Getting out of paper trades is going to become increasingly clear as the right decision but with each short squeeze now you will hear “its all clear” …….”the correction is over”……etc. Don’t let them put you into a coma with their message. The plug is getting pulled. This is a leveraged mountain of debt on a planet of debt and this entire Ponzi is being pricked.
If they rally early Monday and it fades hard, then move quickly to your final preps. In my case I’m just eating popcorn. Nuttin’ like watchin’ the CNBS pricks crying and wringing their hands and trying to explain to the sheep why the market is crashing as though no one could see it coming. Hell…..even Greenspan and Yellin have warned you.
Source: http://kliguy38depression2news.blogspot.com/2015/08/its-on-like-donkey-kong.html
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