A Break From the Whipsaw

Real Vision: Finance & Investing

Real Vision

Investing, Business News, News, Business

4.1 • 1.1K Ratings

🗓️ 14 October 2022

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

The situation in the U.K. is going from bad to worse, with Prime Minister Liz Truss now in danger of losing her own job after firing her finance minister Kwasi Kwarteng and short-circuiting her own economic package mere weeks into her tenure. U.S. equities drifted lower Friday in the aftermath of Thursday’s historic reversal, as retail sales for September stagnated due to the effects of inflation. But the issue is the U.K. What the heck is going on? And is it merely the first sign of a major global economic crisis? Jim Bianco, the founder and president of Bianco Research, joins Ash Bennington to talk about the wild price action in U.S. equities, the sacking of the Chancellor of the Exchequer, and, as we head into the weekend, what to expect from traditional markets on Monday. And be sure to check out Real Vision’s newest series, The Collectors where we’ll emphasize the fun and the adventure of deploying your hard-earned money! You can watch the first episode here: https://rvtv.io/3ToL7Gu. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	What the hell is going on? Welcome to the Real Vision Daily Briefing. It's Friday, October 14, 2022.
0:14.0	I'm Ash Bennington, joined today by Jim Bianco, president and founder of Bianco Research.
0:19.6	Quick reminder, our live chat function on the Real Vision site is temporarily down.
0:24.2	So please drop your questions in the comment section on the Real Vision website or on the live chat
0:29.5	in YouTube. Or if you prefer on Real Vision, on Twitter, at Real Vision, at Real Vision,
0:35.9	with this fancy hashtag Ask Real Vision, smashed everything on YouTube. It really helps the show.
0:41.5	Jim, it's fantastic to be back with you. Yeah, the interesting day to be back with you.
0:47.2	Never boring on Fridays anymore. No, it really isn't right out of the gate. Let's just run
0:51.6	through what's happening right now. As the numbers bounce around here a little bit at the close,
0:55.2	S&P 500 closing out looks like 3592. It's off about 2%, 2.10% on the day.
1:01.5	Big loser of the day is the NASDAQ composite on my screen. I'm showing 10,321. That's off
1:07.5	3% on the day. We were just talking about this right before we went live. Basically,
1:12.5	we were around tripped here in the last week. That's right. We closed Wednesday at 3577 in the S&P.
1:20.8	And then we had that wild day yesterday and we were all trying to figure out what it meant.
1:25.1	We got in the last two minutes of trading. We got within three points of getting all the way.
1:30.8	We got to 3580 within three points of Wednesdays close. So we just essentially erased all of
1:36.7	yesterday's gates. So what's your take on the meaning of that, Jim? You know, usually I like to say,
1:43.5	you can't describe too much interpretation or meaning to one day moves. But when you see these
1:47.9	wild days like this, I'm going to give you a statistic from Goldman Sachs.
1:52.3	40, first of all, options volume is at all time records. And 43% of the options volume
2:00.7	yesterday expires today. So everybody is a short-term degen playing the next couple of days.
2:09.6	And it's all largely retail traders playing small numbers, the markets down. They all think that
	...

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