Today was a rough day...markets tanked a little bit...but this isn't it quite yet. We still have some more to climb before we start our long decent. They're right today...the markets have climbed too far without any huge fundamentals supporting it.
The tanking we saw today was most of the smart money coming back from vacation...most traders take August off and don't return until the 1st of September. They got back to their desks and were happy to see the climb had continued, but bailed because they knew it won't last.
It won't last much longer, we're going to see a tank pretty soon...but my bet is that we have a few more weeks to go.
Pay close attention to financials...they are going to lead the fall. Also, keep an eye on Friday bank failures...you're probably going to get a slew of them just before the market tank happens.
Probably a good time to start backing out of your most overpriced pieces of your portfolio. Get out of bank stocks by the end of next week for sure.
Today was bad, but we'll make up this ground by the end of the week.
Wait for it...
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