I’ll keep this short and sweet as we’re in the midst of a busy week…
Today kicked off our annual Irrational Economic Summit in Austin, Texas.
Harry, Rodney, and the entire team have been — and will continue to be — hard at work with their presentations, all while watching, along with all of you, what’s happening in the markets and in U.S. politics today….
“Disruption” it is.
The Dow Jones Industrial Average shed another 600 points Wednesday, and but it’s up another 500 today.
We’re starting to talk about serious moves, up and down, every day.
Even after today’s rally, the Dow’s still down 7% from its highs.
The S&P 500 Index was off more than 3% Wednesday, the Nasdaq Composite almost 4.5%. They’ve bounced too, with the tech-heavy Nasdaq up more than 3%.
The S&P’s overall slide from its highs is still close to double-digit territory. And the Nasdaq is 10% below its peak. The Russell 2000 — America’s small and mid-sized companies — is 14% off its highs.
I’m still relatively new to this game, and I’m not sure exactly what number constitutes a “correction” for which particular index.
But even I know there’s something happening here…
And, yeah, I’m pretty sure I — bearing closely in mind that very recent admission to veritable babe proverbial woods status as well as my “familiarity” bias — might get a better idea of what exactly it is at this week’s Summit.
Folks, we’ve been saying it for a while now. Harry’s literally turned purple in the face arguing his case.
As we can clearly see, it’s not a matter of “if” but “when” for the next bust.
And things aren’t looking so hot.
You know, this year’s Irrational Economic Summit ought to be one for the books…
Right on time, we have the greatest collection of contrarian thinkers all in one place — literally, down in Austin, and virtually, via our “Live Stream Pass.”
It’s the kind of market-financial-economic-political smorgasbord curious folks like us devour.
How’s that for a slice of fried gold?
Later this evening, Jake will be bringing you some news from today’s presentations at IES.