All the major averages are now lower than they were when the Federal Reserve ended QE3. Pretty soon they will all be lower than they were when the Federal Reserve started QE3. And when you dig beneath the sectors there are many individual stocks that are down 20, 30, 40, 50, 60, 70 and 80 percent. Look at GoPro (GPRO) now down 82 percent from where it was last year, that was one of the highly touted IPO`s and obviously it has now collapsed.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 18, 2016
Stock Market: We Are Probably In A Bear Market Right Now
The Dow Jones Industrials Index ended another down week on a down note dropping 390 points. The Nasdaq Composite was down as well, down 126 points. Of course at one point the Nasdaq Composite was down almost 190 points and the Dow Jones Industrials was down 530 points but we still finished off a pretty bad week extending the rout. This is the worst January in the history of the stock market.
The Dow Jones Industrials is now off 13 percent from its highs, the Nasdaq Composite about 15 percent from its highs so firmly in correction territory, that is what Wall Street calls a decline of 10 percent or more. When it hits a decline of 20 percent they call it a bear market.
We are probably in a bear market right now because ultimately those indexes will be down 20 percent so we are just early in the bear market. The Dow Jones Transportation Index is down 27 percent from its highs, that is a bear market, the Russell 2000 Index is down about 23 percent, so bear market territory there. And of course there are many sectors that are in a bear market.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
The Dow Jones Industrials is now off 13 percent from its highs, the Nasdaq Composite about 15 percent from its highs so firmly in correction territory, that is what Wall Street calls a decline of 10 percent or more. When it hits a decline of 20 percent they call it a bear market.
We are probably in a bear market right now because ultimately those indexes will be down 20 percent so we are just early in the bear market. The Dow Jones Transportation Index is down 27 percent from its highs, that is a bear market, the Russell 2000 Index is down about 23 percent, so bear market territory there. And of course there are many sectors that are in a bear market.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Jan 15, 2016
Markets, Economy: The Last Thing That Janet Yellen Wants
The last thing that Janet Yellen wants to do is to hand the election to a Republican or maybe even to Donald Trump, so she is going to do whatever she can to deliver it to Hillary Clinton. She remembers what happened when Alan Greenspan bubble bursted while Bush was still in office, guaranteed that Obama would win and McCain had no chance with that kind of baggage. Well, she does not want to leave Hillary Clinton with the same kind of baggage. She wants Barack Obama to be able to leave claiming that he saved us.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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