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Bulls Start September With a Punch in the Mouth
Everything went right for the bears yesterday
Danny Riley
September 04, 2024
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I think the headline story in the Wall Street Journal about how bullish people are was a very bad omen. I am not one to make excuses, but I should have seen this coming.
The chipmakers led the selloff, with the Nasdaq closing down 3.3% and Nvidia losing $279 billion in market value, marking a record one-day fall for any US company. The major US averages had their worst day since August 5.
The selloff was not hard to figure out; it was sold on Globex, sold at the open, and sold all day. This probably isn’t what the Fed wants to see in front of this Friday's monthly jobs report.