Halloween reprieve from October rout
As in the wake of the financial crisis, only precious metals rally Technical heavyweights lose 20-35% from recent highs
“In case of panic, DO NOTHING!”
The Federal Reserve’s continual talk of constant tightening to more ‘normal’ rate levels, together with China-US trade tariffs, more Italian financial and political scares, a slowing global economy and Brexit, were all thrown into the cauldron and a scary, spooky October rout of equity valuations was the result.
Tech stocks were savagely hit, with Amazon falling from its $2,000 high only weeks ago, to a level now just above $1,600. Facebook, Netflix and Alphabet (Google) were also shaved harshly, but Apple, up 28% for the year, was merely trimmed, down from a high of $233on October 3rd to $216 at close of business on the 31st.
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