Weeoo, weeoo, weeoo! I haven’t posted on Marc Faber’s overnight comments because they were a little bearish for me but I will now because they’ve been confirmed by the Pascometer:
You think what happened on Nasdaq last night was bad, just wait for this Saturday: investments in the vast majority of the horses racing at Randwick will be totally wiped out.
…Oh, that’s right, Faber is running his own race, continuing to predict another big crash, as he has been for many a year. Keep at just about any prediction long enough and eventually you’ll be right – if you live long enough. Major corrections and crashes of over-priced assets happen often enough.
So Nasdaq is off a few per cent, but to put some perspective on it, last night’s fall is “only” the worst since November 2011. I don’t remember capitalism coming to an end in December 2011 or any month since then. It is also obvious that the US tech stocks are bubbling again – companies that make no profit being traded at silly premiums on the bet that one day they will. The Nasdaq nags can fall a lot further and still be overpriced.
I guess that means go short, and go hard (only joking of course)! Weeoo, weeoo, weeoo.
