Just waiting for the Crypto currencies to wrap up second wave retracement. A combination of rotation to Bitcoin, Apple implosion, the Trump tax cut, higher interest rates, and overvaluations, has left the Tech sector without a bid...
"...we saw the largest takedown in bond funds and in stock ETFs that we've seen all year. So I don't know whether that was some kind of year-end planning or not. But it's a little disturbing going into the period when you think you're going to have a massive rally"
"Apple will slash its sales forecast for the iPhone X in the quarter to 30 million units — down from what it said was an initial plan of 50 million units."
Left-for-dead retail is leading this short-covering rally, ahead of those empty stores in January...
And of course oil and Energy stocks:
Exactly one year later:
Mind the gaps
Back to Art Cashin and Wall Street's takeaway for 2018 and the tax cut:
Regarding the markets' performance in 2018, he said it is shaping up to be "absolutely wonderful."
"Corporations will have theoretically greater earnings without needing to do higher revenues and higher sales"
Which is good news, since sales are going to be much lower...
