The Bear Market Has Begun, Recession to Follow – Ep.  398

The Bear Market Has Begun, Recession to Follow – Ep. 398

JOIN PETER at the New Orleans Investment Conference
https://neworleansconference.com/conference-schedule/
831 Point Rout in the Dow Jones Industrial Average
If you listened to Friday's podcast, I mentioned that I thought I would probably be doing a lot of podcasts this week. I did one yesterday, and I am doing another one today because my feeling about the stock market was confirmed today with an 831 point rout in the Dow Jones Industrial Average, down 3.15%. This is the biggest decline that the Dow has had since that 1000+ point drop that we had in February. I think it is maybe the third biggest down day ever, point-wise. Percentage-wise it's not even close.
NASDAQ Down Over 4%
The DJIA actually did a lot better than a lot of the other averages. The Dow Jones transports were down just over 4%; 445 points. the NASDAQ was down over 4% as well - 315 points. Weakness across the board in the stock market today. And it's not just the homebuilders and the autos. I've been talking about those sectors as leading indicators and, yes, many of those stocks made new 52-week lows today as well. But they were not the worst performers on the day.
Financials Helped Lead the Declines
The financials were helping to lead the decline. Again we have Morgan Stanley at a new 52-week low, down 3.3%. Goldman Sachs down 3.6%, a new 52-week low. But really, the biggest losers on the day were the tech stocks. These have been the stand-outs. This is what has been holding up the market - the FAANG stocks, all of these technology infotech stocks - and a lot of people were actually describing them irrationally as a "safe havens". I couldn't believe it when people were saying that tech stocks were the new "safe havens". When you hear stuff like that, you know you're close to the end.
FAANG Stocks Selling in After-Hours Trading
If you look at what some of these darlings did today, and I'm looking at the after-hours prices, too, because they're selling. More selling is going on now, after the bell. But look at NVIDIA, down over 9%, Amazon down 7.3%, Netflix down 10% on the day. AMD down 11% - Twitter down almost 9%, Apple down 5.5%, Intel 4.5%, Cisco, 4.7%, Facebook down almost 5%. this is basically one day plus an hour of aftermarket trading.

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Episoder(1085)

SchiffRadio Podcast Episode 12

SchiffRadio Podcast Episode 12

Episode 12 Synopsis: Greenspan's QE Criticism Too Little Too Late * FOMC declares "substantial improvement" in economy. * Does this narrative reflect the best possible spin or ignorance? * Behind the 3.5% GDP number: * Deflator - 1.3% indicates decrease in inflation. * 4.6% surge in gov't spending * Big drop in trade deficit resulting from drop in crude oil prices adds 1.3% to GDP Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

2 Nov 201434min

SchiffRadio Podcast Episode 11

SchiffRadio Podcast Episode 11

Episode 11 Synopsis: Where is the Apology? Preview of the Michael Brown Grand Jury case does not support liberal media's narrative. * The officer knew that Michael Brown had just robbed a convenience store. * The bullets entered Michael Brown from front as he was approaching the officer. * Blood evidence on Michael Brown indicates he was moving toward the officer. * Wounds in upper arm indicate he did not have his arms in the air. * Michael Brown was shot in his thumb at extremely close range. * A majority of eyewitnesses support the officer's testimony Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

2 Nov 201438min

SchiffRadio Podcast Episode 10

SchiffRadio Podcast Episode 10

Episode 10 Synopsis Hillary's Fractured Economic Theory: * Raising the minimum wage will create jobs. * Businesses don't create jobs; the government creates jobs. * Regan Economics "failed spectacularly". * Clinton's economy was based on "arithmetic", not a bubble. Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

31 Okt 201420min

SchiffRadio Podcast Episode 9

SchiffRadio Podcast Episode 9

Episode 9 Synopsis * Deflation Spin Cycle: Peter debunks recent articles "redefining" deflation. * QE Infinity: Brandeis economics professor predicts the Fed doesn't need an exit strategy. Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

29 Okt 201421min

SchiffRadio Podcast Episode 8

SchiffRadio Podcast Episode 8

This week, we're releasing a series of podcasts to get current information out on a more basis. We appreciate your feedback on this new format. Episode 8 Segment 1: * Contrary to GDP number, consumers are still struggling. Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

28 Okt 201413min

SchiffRadio Podcast Episode 7

SchiffRadio Podcast Episode 7

Episode 7 Synopsis * More deflation/inflation propaganda * The Fed prefers inflation because at least they know how to fight it * Money printing in Venezuela* Bloomberg warns Yellen not to follow Sweden's example * Obamacare premiums going up after the election* Mark Cuban's plan to limit student loans * Wells Fargo employee demands $10,000 raise for himself and other employees * British Minister under fire for suggesting intellectually disabled should be able to work for less than minimum wage * News about QE4 * Yellen ironically speaks up on wealth inequality Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

21 Okt 20142h 12min

SchiffRadio Podcast Episode 6

SchiffRadio Podcast Episode 6

Episode 6 Synopsis * Big downside moves in global equity markets * U.S. stock market trends * Gold moves upward * U.S. Dollar weakness * A detailed analysis of this month's FOMC minutes * Share buybacks and other artificial boots to the stock market * More Obamacare blowbacks against the job market and employee healthcare * The straight story on misleading reports on the economy * How California labor law put a vineyard out of business * Interview with Paypal co-founder Peter Thiel in his new book Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

21 Okt 20142h 20min

SchiffRadio Podcast Episode 5

SchiffRadio Podcast Episode 5

Episode 5 Synopsis: * Debunking Ned Davis' predictions on gold * Chicago Fed president Charles Evans hints that the Fed can't raise interest rates * Alan Greenspan gives Fed a pass on CNBC * Brokerage houses hit by FINRA arbritation results * Eurozone low inflation 'scare' * Collapse in Fannie and Freddie stock * The numbers behind the weekly economic data Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

6 Okt 20142h 24min

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