For a second, it seemed that the broad risk-off wave that started in Asia, swept Europe and pressured US futures was here to stay. And then, the signal all algos had been waiting for emerged: Gartman just flip-flopped back to bearish.
From Gartman's latest letter:
A selloff which started in Asia, driven by renewed liquidation of Chinese and Hong Kong tech stocks and accelerated by weaker metal prices which pushed the Shanghai Composite below a key support and to 4 month lows...
Shares in Samsung Heavy, the world’s third largest shipbuilder, plunged by 29% during Wednesday’s trading session after unexpectedly forecasting operating losses this year and 2018 and announcing a capital raise. Meanwhile, Asian equities tumbled, led by technology, mining and industrial companies, with the MSCI Asia Pacific Index falling for eight straight days, its longest run of down days since 2015.
Asia's 'FANG' stocks are tumbling once again as the global tech wreck continues to escalate (TATS down 10% from highs).
Taiwan Semi, Alibaba, Tencent, and Samsung (TATS) are down 7 days in a row and over 10% - the biggest such drop on record...
While Chinese bonds are holding back from their 4.00% yield line of doom, Chinese stocks are tumbling with the benchmark Shanghai Composite breaking below key support to 4-month lows.
Via GEFIRA,
The world’s third largest economy has an aging and shrinking population and will simply disappear. The low fertility is not unique to Japan. The same problem besets Taiwan, China and Korea as well as the United States and Europe. In the West the establishment has opted for population replacement.