| This is the first down week in a month. Also noteworthy is that the market finished the week down near its lows, whereas the previous three down weeks finished well off their lows. This again is a bearish development for the markets.  To top it off, even the price action in most asset classes was troubling. Typically, when stocks get hit, bonds or commodities rally. Instead, on Friday all three asset classes were sold hard at one point or another. This suggests the move was NOT rotation but actual organic selling by institutions.  This is all highly bearish. And it suggests we are entering a risk-off period in the markets. But is this the start of something major? Put another way, are we entering a crisis? Tomorrow we’ll dive deeper on the specifics of what this action is telling us. Until then… Best Regards,  Graham Summers Editor, Money & Crisis |
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