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The Devin Nunes memo is released on Friday. The Dow drops 1600 points. Coincidence?
The memo was a huge flop. It was a dud. It did virtually nothing to impede or derail the Trump-Russia investigation. It didn't touch on the major allegations, such as election meddling with Russia, money laundering and tax evasion, or obstruction of justice. If anything, the memo shows that Trump is open and exposed to these allegations -- if Nunes had evidence that truly exonerated Trump, he would have spilled it. The silence speaks volumes.
The market's severe drop is a sign that smart money knows that indictments, arrests and chaos in the White House is coming. A constitutional crisis would roil the markets. Smart money sees it coming and so they hit the "sell" button. Markets are sending a signal that Trump is in deep, deep trouble.
I'm not sure if there's a connection between the two, but yeah, as expected...the memo indeed was a flop.
Or as trump supporters like to call it....a giant nothingburger.
One reason the GOP has stuck with trump is because they and their fat cat donors are getting rich off the market. Let the market fall and maybe these people will take a second look at who they've been backing.
I'm not sure if there's a connection between the two, but yeah, as expected...the memo indeed was a flop.
Or as trump supporters like to call it....a giant nothingburger.
I too do not think the empty memo had anything to do with the stock market. The market has been running on nothing but hope and greed for months and things finally caught up. Everyone was ready to bail as soon as some serious weakness showed up and it did in the form of rising interest rates. I can't let it pass though that a paltry 2.9% increase in wages contributed heavily. 2.9% after years of negative wage growth! They won't let the working man have a dime back of all the money that was transferred to the rich over the past decade, will they?
The worst day in US history was 700+ points, so this is twice as bad as that.
No, you are incorrect because you don't measure by comparing point drops to get "twice as bad as the worst day in US history"
The market would need to drop 1,000s of points in todays value to be twice as bad as that 700 point drop. Its simple math.
Edit for math leaving the above original post for transparency:
The 700+ point drop you reference, in terms of % points would have required a 7% drop today just to be equal and that would have been a 1780 point drop, again, thats just to be equal. To be "twice as bad" as the worst drop, you would need a 14% drop, or a drop of 3570 points.
Last edited by t206; 02-05-2018 at 02:25 PM..
Reason: Math correction for more accuracy
When pigs fly. And none of his cultists will blame him for the market carnage, after endlessly praising him for the market gains.
GOP donors WILL blame him for the market...that's what counts. Maybe it will bring them back to their senses. They NEVER liked trump but the run-up blinded them. Maybe a big crash will open their eyes.
My understanding is that there was a large amount of buying on the margin once it hit 25,000.
Problem now will be calls and could lead to increased selling to cover.
I still go with it stopping around 20,000- 21,000
That would put it in the 20% correction range. Anything much below that and it's harder to explain.
Trump brought all the criticism on himself by pounding his chest every time the market hit a new record. He can go pound something else now.
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