Stocks in the US continued to slide, in sympathy with China and a generally poor outlook for the world of real productivity and wealth.
And in large part this is the rinse cycle of a wash-rinse stock market operation conducted by insiders that took US equity prices up to unsustainable levels in the first place.
It looks like our cynical outlook just after Wall Street squeezed out the Paypal IPO was on the money.
No credit really, given the screaming non-confirmation out of anything except for a very narrow rally in a few tech name. If your favorite purveyor of market analysis was not saying ‘get out for now’ you may wish to find a new one.
So as everyone seems to wish to say, ‘what next?’
Now we see what happens in China, and what sort of support that US stocks can find as they approach the lower bounds of the current trend channels, wash and rinse-wise.
We will take a peek at the Advanced GDP number for second quarter and that might mean something IF China can stabilize and Greece does not blow up again, which it very well may.
Have a pleasant evening.
