Greg Hunter’s Weekly News Wrap-Up for April 29th, 2016
by Greg Hunter
The economy is rotten just like Apple iPhone sales numbers. For the first time in 10 years, Apple reported its first quarterly sales drop for their popular iPhone. No, it’s not the end of the world, but it’s a sign there is trouble in the economy. Sure, Facebook beat its earnings projections, but they don’t make anything. Other bad news includes new home sales are down. Manufacturing numbers from the Dallas Fed are down. Consumer sentiment numbers from the University of Michigan are down. Spending is down. Retail sales are down. GDP in the first quarter came in at a paltry .5%. Economist John Williams says that number will be revised down and will probably turn negative. Williams says we are already in a recession or soon will be. Both Bo Polny and Greg Mannarino say the same thing: we are getting to a point where they can no longer hide the bad economy, and there really is no recovery after all.
What does this mean for the run up in the stock market we have seen in the last few months? Mannarino and Polny also come to the same conclusion, and that is the markets are rolling over and we are headed down. Maybe that’s why insiders have sold stocks for the last 13 weeks in a row—a record. Add this to the news of Saudi Arabia cutting oil deals with China, and Russia, as of this week, is no longer pricing its oil in dollars. Looks like we have a perfect storm of deep trouble for the U.S. and the world for that matter.