One week ago we were shocked to learn that no matter what the market was doing, whether it was going, down or sideways, Bank of America's "smart money" (institutional, private and hedge funds) client, simply refused to buy anything, and in fact had continued to sell stocks for a near-record 11 consecutive weeks.
They said it could never happen again!! But stocks are not green...
And Nasdaq is red on the week, spanked by NFLX...
Damn It Janet! Do Something!!
Submitted by Michael Snyder via The Economic Collapse blog,
In late January, when George Soros was interviewed in Davos, he revealed what may have been his most bearish outlook yet, revealing that he is not only short the S&P 500, saying the Fed rate hike was a "mistake" (something the Fed's subsequent relent and global easing U-turn have confirmed), and that China will have a hard landing.
Whether or not there was a secret "Shanghai Accord" to push the dollar lower, the outcome has been clear: moments ago, the USD as measured by the Bloomberg Dollar spot index just dropped to the lowest level since June 22, long before the Fed commenced its rate hikes, indicating that the market is, at least for now, convinced that the Fed is "one and done" and that Eric Rosengren's warning that rate hikes will accelerate from here is nothing but a hollow threat.