Some of the highlights from the Peter Schiff Podcast, ep. 402.
Peter mentioned that the Russell 2000 Index is already in correction territory,
Peter mentioned that the Russell 2000 Index is already in correction territory,
"The Russell 2000 is actually down about 14 percent from its highs so it's now officially in a correction."
Peter also mentioned that yesterday's rally had all the characteristics of a short covering rally and that the down trend in stocks in very likely still intact,
"To me
this looked like a classic reversal
Tuesday type of rally, one of the reversal
Tuesday's where you gap way down and
then just rally throughout the day The
rally did not produce a positive close
so it was not a technically significant
rally. In fact, I think the downtrend is
intact. To me, it looked like a lot of
short-covering was going."
Financials are an example of weakness in the U.S. stock market,
"If you look at the financials for example all those stocks continued to go down closing in the red rallied off the lows but no substantial rallies."
