from King World News
2020 has certainly been off to a wild start but here is the big surprise as we kickoff trading this week.
A Market Run By Machines
February 18 (King World News) – Peter Boockvar: I want to ask something somewhat rhetorically here. What is more surprising, that Apple with its huge customer base in China and broad procurement needs also in China announces that its business is being negatively impacted by 2/3 of the Chinese economy almost shut down or that the stock in the face of these obvious facts hit a record high last week? Was last week’s confident stock action proof that the stock market is no longer a discounting mechanism because it’s mostly run by machines that are only using current inputs? Was it the assumption that this virus is just not a big deal and will quickly go away? Or was it the belief that the Fed and other central bankers will continue to save us from every single ill?