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Art Cashin Compares This Week's Action To The Days Before Black Friday

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From Zerohedge:

Yesterday's ominous selloff (today's very temporary EURUSD, and 100% cross-asset correlation, bounce notwithstanding: after all the data just got even worse courtesy of the Philly Fed, meaning much more pain for the S&P before QE 3 comes) got you a little jittery, with Flash Crashy overtones? You are not alone. Market veteran Art Cashin recounts that yesterday's market action was not so much reminiscent of 2010, or even the 2008 uber-volatile market, but really 1987.

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By the closing bell, the ugliness had not lifted. The breadth was negative and outright atrocious. It was a “90% down day” and, we think, the third or fourth in this selloff. It not only erased all of the gains of the prior two days, it took us to new lows for this down leg.

At the post close seminar of the Friends of Fermentation, the chatter about the echoes of 2008 grew a bit louder and more animated. A few of the geriatric veterans were a bit more somber and reflective.

They recalled another volatile expiration week that followed a growingly aggressive selloff from a high only weeks before. That was not 2008. It was 1987. But that’s so unlikely, right? Pass the peanuts, please!

Still I'm sure history isn't going to repeat any time soon. And this time we have the PPT on standby to ensure we don't have a market collapse, stocks aren't overvalued and we aren't in a bubble.

And there have been enough black day threads on HPC recently to guarantee there will be no crash.

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And there have been enough black day threads on HPC recently to guarantee there will be no crash.

It just takes one fool to start a thread entitled:

Just another day today, no panics forecast.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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