from King World News
On the heels of global stock markets trading to the downside, continued uncertainty in currency markets and gold and silver consolidating recent gains, today one of the great short sellers in the business discussed the action in gold, silver, the shares, and a coming black swan that will trigger downside chaos.
By Bill Fleckenstein President Of Fleckenstein Capital
May 4 (King World News) – Overnight markets were weaker, as were the SPOOs, and the stock market lost about 0.5% right off the bat. From there we had a decent rally, which trimmed the gains about in half, but by midday the indices were back to the lows. There was a lot more motion — i.e., hand-to-hand combat — than that sentence implies, just as there was huge volatility in lots of different individual stocks that I was looking at. I’m not sure exactly what the ramifications are of that, if any. I suppose it may just be the market’s way of frustrating as many people as possible…