The Dollar and Bonds are Bigger Bubbles Than Stocks – Ep 609
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 9 September 2020
⏱️ 59 minutes
🧾️ Download transcript
Summary
TSLA is the poster child of the stock market craziness.
Slack is not an investment.
Air coming out of stock market bubble.
Dave Portnoy is the poster child of day traders.
Bitcoin’s support is weakening.
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Transcript
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| 0:00.0 | I hope everybody enjoyed their long Labor Day weekend. |
| 0:12.7 | And as I speculated when I recorded my podcast on Friday, I thought the weakness that we saw |
| 0:20.4 | into the clothes did not bode well for today in the stock market. |
| 0:26.1 | And that inclination turned out to be correct. |
| 0:28.8 | We had another bad day in stocks if you're long. |
| 0:32.7 | The Dow Jones was down 632 points. |
| 0:37.4 | That's about 2.25%. |
| 0:40.0 | The S&P 500 a little bit worse down just over 95 points. |
| 0:44.7 | That was a drop of 2.78%. |
| 0:48.4 | But the real cardnage was in the NASDAQ. |
| 0:52.2 | That index down just over 4% on the day 4.11, 465 points. |
| 1:00.9 | That brings its 3 day decline Thursday, Friday, and now Tuesday to over 10%. |
| 1:09.2 | So we have a full-blown correction in the NASDAQ, which Wall Street likes to define as |
| 1:16.2 | a move of 10% or more. |
| 1:18.5 | We've had that in just 3 days. |
| 1:21.2 | I remember when I first got into the investment business, it was T plus 3, meaning that trades |
| 1:26.5 | took 3 days to settle. |
| 1:28.6 | So in the time that it takes a trade to settle, we've already moved into a full correction |
| 1:35.0 | in the NASDAQ. |
| 1:36.0 | In fact, I mentioned on Friday's podcast that I thought we could have a potential outside |
| 1:43.4 | reversal month for the month of September. |
| 1:47.0 | An outside reversal month is where you take out the previous months high and also take |
... |
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