Stock Market: A Lot Of Technical Damage

Until the Federal Reserve changes this dynamic, I do not see what is going to prop up this market. If everybody believes that interest rate hikes are coming, if the economy is weakening, if corporate earnings are under pressure, and you are fighting the Fed there is not a lot to this market.

And if you look at the technicals of the market, you look at the trends that have been broken in the S&P 500 Index, in the Nasdaq, in the Dow Jones Industrials... I mean there is a lot of technical damage to this market and it takes some kind of a game changing event (to reverse it).

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

Dow Jones Transportation Index: Officially In Bear Market Territory

The Dow Jones Transportation Index continues to get crushed, again the weakest index on the day. We are down more than 20 percent from last year`s high. We are officially in bear market territory in the Dow Jones Transportation Index and do no try to blame this on weak oil prices. This is all about the economy and economic weakness as these are economically sensitive stocks and that is why they are suffering.

Related stocks: FedEx Corporation (FDX), Union Pacific Corporation (UNP), United Parcel Service, Inc. (UPS), Norfolk Southern Corp. (NSC), CSX Corporation (CSX)

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

Crude Oil, Stock Markets Are Being Impacted By A Weaker Economy

The Transports were the weakest index of the year. I think they were down about 17 percent. in 2015. Now, that is the index that is the biggest beneficiary of lower oil prices. So clearly if the Transports were the weakest of the indexes, the weakness cannot be because of the cheap oil. It has got to be another reason. And again I think it has to do with the economy. Oil is being impacted by the weakness of the economy and so are economically sensitive stocks.

Related stocks: Union Pacific Corporation (UNP), FedEx Corporation (FDX), United Parcel Service, Inc. (UPS), Norfolk Southern Corp. (NSC), CSX Corporation (CSX)

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.