Today’s BLOG is going to be short and sweet. The market got absolutely hammered yesterday, and there’s blood everywhere.
It’s a “cash at any cost” mentality, and money is pouring into the Dollar and US Treasuries as the “safe havens”. Imagine that- US Treasuries the “safe haven” when S&P just downgraded them last month.
China markets weren’t as roiled, despite some of the news causing the equity rout came from China indicators suggesting a slow down in manufacturing and no corresponding slow down in inflation.
This market is going to be choppy and crazy for a few more days, then I expect October to be the turning point month. The hi beta China stocks got obliterated yesterday, but watch the volatility bring them back.