Stocks were slumping today from the open, with AAPL having taken a dive, and a few of the major indices with it.
There was no particular reason for this fundamentally.
My own theory was that the funds were painting the tape with some seriously heavy handed brushstrokes into the end of the month in quiet trading last week. And today was the start of a new month. The paint was dry, and the market had a 'technical correction.'
Whether this was correct or not it 'worked' for my portfolio which was long volatility and short the Russell 2000 coming into this mess.
Non-Farm Payrolls later this week.
US Corporate Debt Sales Topped the $1.5 Trillion mark this year for the first time. One might feel more optimistic about this if so much of this debt wasn't being consumed by stock buybacks to support management compensation packages.
More nonsense like this to follow we can assume, until the music stops.
There is no reform in the markets, which are still possessed of markedly criminogenic tendencies. And so there is not likely to be any sustainable reform, with the body politic afflicted by toxic blood poisoning through its financial and political processes. How could we expect anything else?
This is a shame, and the indifference of our 'ruling elite' to it is a disgrace.
Have a pleasant evening.
