The media did not take long to blame everything on Vladimir Putin last week:
-The Stock Market reversal
-Tom Brady’s retirement
-Senile Joe Biden’s bad poll numbers
-The Freedom Convoys in Candada
-Jill Biden’s smelly feet (allegedly)
-Pierre Trudeau’s bad French socialism
Thus after a week of typical bear market action, the #FakeNewsFinancialMedia aka, Used Car Salesmen promoting SPACS and CRAPs, had to find someone to blame. And here came the headlines:
Dow drops 500 points, Nasdaq sinks more than 2% on fears of a Russian attack on Ukraine
Thank you CNBC for that “breaking” news.
Wall Street stocks decline as tension mounts between Russia and Ukraine
Of course the Financial Times follows up as the British want a distraction from BoJo’s drunken escapades. And war is always a good solution for that.
Russia, Ukraine conflict and inflation causes of Stock Market drop
Even local media like WWLP jumped on the bandwagon. Almost is from orders from the top.
Of course nothing tops today’s story in Forbes looking to blame Russia, Russia, Russia for a sudden drop in the jobs market:
Will A War Between Russia And The Ukraine Hurt The Hot Job Market?
At least Vlad will give Biden some cover when the economy tanks due to Bidenflation.
Meanwhile in the stock markets last week…
The S&P 500 pooped the bed:
Failed to his 50 DMA; check. Low volume rally followed by higher volume sell-off; check. Sentiment cratering; check. Not a great set up by any measure.
Then of course there is the NASDAQ composite:
Oof is right. A technical death cross is going to happen soon, volume to the sell side is up, distribution across the board, and the tech heavyweights are now participating in every sell off. A formula which isn’t just a typical bear market, but leading up to a major bear market is in the offing.
Lastly the Fake News Media’s favorite false economic indicators, the Dow Jones Industrial Average:
That chart is not what I would term an ideal set up for a “bull” recovery. But don’t worry, higher inflation and more losses of consumer confidence will guarantee uh, er, screw it, blame Putin.