How Much More Bad News Can The Markets Withstand? – Ep. 167
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 13 May 2016
⏱️ 27 minutes
🧾️ Download transcript
Summary
* The markets continue, really, to ignore all of the overwhelming bad news
* Bad news on the economy, bad news on the corporate earnings front, retail sales - you name it, the news is bad
* But the markets seem to shrug it off
* All the markets - the equity markets, the foreign exchange markets, bond markets, the gold and silver markets
* Sure, there is usually a knee-jerk reaction - you get some bad news, the gold spikes up, the dollar dumps, but then it recovers what it lost and gold surrenders its gains and we continue to stay the course, because to me the bad news isn't sinking in
* Yes, the stock market has been trending down, particularly the NASDAQ
* But it really hasn't rolled over
* Yes we had the big drop yesterday, the Dow was down about 200 points, but it was up 200 points the day before
* So over two days, we didn't go anywhere, despite the fact that we continue to get bad news
* I'll start with some of the bad news that came out today and then work back
* I think the worse news of the day was the weekly unemployment claims which is now finally started to move higher
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Transcript
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| 0:00.0 | Well, I'm still recording here from my hotel room in Las Vegas and the podcast I did |
| 0:15.3 | on Monday still had some audio problems. |
| 0:17.6 | So I made some adjustments to my mic here. |
| 0:20.4 | So hopefully we've got even better quality this time than we did the last time. |
| 0:25.2 | You know, the markets continue really to ignore all of the overwhelming bad news and bad |
| 0:32.2 | news on the economy, bad news on the corporate earning front or retail sales. |
| 0:36.7 | I mean, you name it, the news is bad, but the markets seem to shrug it off. |
| 0:41.3 | And I'm talking about all the markets, the equity markets, the Ford Exchange markets, |
| 0:46.0 | bond market, the Gold and Silver market. |
| 0:48.8 | I mean, sure, there's usually a knee jerk reaction. |
| 0:51.3 | We get some bad news and Gold spikes up, the dollar dumps, but then it recovers what |
| 0:58.7 | it lost and Gold surrenders and gains. |
| 1:00.9 | And we continue to hold the cores because to me, the bad news isn't sinking in. |
| 1:06.1 | And yes, the markets are going down. |
| 1:08.1 | The stock market has been dredding down, particularly the NASDAQ, but it really hasn't rolled |
| 1:13.0 | over. |
| 1:14.0 | I mean, yes, we did have a big drop yesterday. |
| 1:15.2 | We had that that was down about 200 points, but that's because it was up 200 points |
| 1:18.8 | the day before. |
| 1:19.8 | So basically over the two days, we didn't go anywhere, despite the fact that we continue |
| 1:24.2 | to get bad news. |
| 1:25.2 | And I'll start with some of the bad news that came out today and then we'll work backwards. |
... |
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