About this episode
VISIT PETER AT THE LAS VEGAS MONEY SHOW May 13 – 15, 2019 https://conferences.moneyshow.com/…/4532d84bf…/peter-schiff/ As Noted on My Last Podcast… As I suspected on Friday's podcast, the 400-point reversal that saw the Dow move from down 300 points + to up 100 points on the close was in fact, reversed today, and the Dow Jones actually closed below the Friday low, which is a huge negative, technically for the index. The Dow was down 617 points; that's about 2.4 %. But the real carnage was in the NASDAQ. That was down 3.4%. The Russell 2000 also down better than 3% - 3.2%, showing that domestically focused stocks are actually getting hit harder than the multi-nationals. Lyft and Uber Still Sinking More trouble again for the recent IPO's, in particular, the ride-hailing companies Lyft - down again, another 5.8% off the lows of the day - the lowest $47.17, closed at $48.15. The Uber disaster continues. Uber was down almost 11% today. At one point, it was down 12% - the low was $36.08. We closed at 37.10. Remember we came public Friday. This is only the second trading day. Uber came public at $45, and now it is at $37.10, and as I said again on last week's podcast, these types of stocks are going to get particularly hit hard if the market carnage continues, which I think it will. China: No Deal I think the bear market rally is over - I've been saying that, "Long live the bear market". The Bear market rally is dead. We are going a lot lower. The catalyst today was also something that I was pointing out on my podcast last week, and that was the fact that we are not going to get a deal with China. I've been saying for a long time, that even if we got a deal, it would be, "buy the rumor, sell the fact". But I also said that it was becoming obvious that Trump had so over-promised the "great deal" that it was almost impossible to have a deal without disappointing the markets. So, I think Trump made a calculated decision that no deal is better than a deal that disappoints, especially since he had already goosed the market up to new highs. So even if we sold off, Trump could say, "Well, this is some short-term pain; it's necessary for the long-term gain." and it may, in fact be the catalyst that causes the Fed to cut interest rates and launch QE, which is what Trump wants. Our Sponsors: * Check out FRE and use my code LISTEN20 for a great deal: https://frepouch.com * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy