Microsoft is down almost 4% - the biggest drop since June 2016 - filling the gap from earnigs as the entire tech space is coming under serious pressure in this low-high tax rotation.
No, there is no MSFT-specific news or catalyst...
FANGs, Semis, and the broad tech sector are in trouble...
As the low-to-high tax company rotation continues...
Earlier we joked that today's rally was losing steam, and it "needs a North Korean ICBM launch to find new strength."
This rally needs a North Korean ICBM launch to find new strength
— zerohedge (@zerohedge) December 4, 2017
"Did he really say that" was the rallying cry across social media after Republican Senator Chuck Grassley placed his foot directly in his mouth over the weekend as he commented on tax reform impacts on Americans...
Coming in a little late to the game, UBS today released its top 5 themes and 19 trades for 2018. Not surprising from the bank whose base case S&P forecast is 2,900 one year from now (with potential upside to 3,200), and who just told CNBC that "valuations are still somewhat cheap", the bank is optimistic, if not "rationally euphoric" and writes that it all boils down to one question: will the Kool-Aid party continue, or "will underlying macro shifts reveal fragilities in asset valuations" and more specifically, will the yield curve invert. To wit:
Authored by Joseph Young via CoinTelegraph.com,
According to Stefan Molyneux, a highly regarded Canadian podcast host, it is more important to recognize the free fall of fiat currencies, more so than to acknowledge the exponential growth rate of Bitcoin.
Molyneux says:
“It's not so much that Bitcoin is going through the roof - it's that fiat currencies are in free fall, but only Bitcoin is noticing.”
The decline of fiat currencies