Looking up for the economy and then suddenly we got negative data points that changed everything and made the recession a plot more likely sure, that may be the profrnl mat cause of todays decline, losing another 494 points, s p 500 plunges 1. 79 . Nasdaq plummeting 1. 76 . Sell, sell, sell, sell but the truth is a lot simpler. We were due for a selloff. How i do know . Because thats what ive been telling you for weeks. A month ago i told you about the s p 500s short range oscillator indicator. This is a tool i pay a lot of money for that tells you almost with uncanny accuracy when the market is overbought or oversold, overbought meaning due for a pull back, oversold means you have to start buying when the oscillator is above five, it always almost means we came too far too fast. And you need to do some selling. Well, when its well above 5, you need to aggressively raise cash as i told you last month the oscillator went extremely high reading, told you we were due for a bruising i stwu
Saying. Tom the well focus on the i. M. F. Has to be the great phrase of 18 months, madam lagarde, the new mediocre. I dont think anyones changed, francine. Theyre still talking about the new mediocre. Francine right, except the immediate oaker is maybe getting a little bit worse than it was 18 months ago. Lets get straight to plorgs first word. Heres caroline hyde. Caroline another casualty of the panama papers, this time its spanish industry minister. He resigned after giving conflicting explanations to a fund. He initially denied any involvement before backtracking and calls for his ouster intensified after the newspaper report yesterday. Another blow for brazilian president. The countrys Supreme Court has rejected a motion to stop an Impeachment Vote against her thats scheduled for sunday. Its just the latest defeat for the battled leader, who lost support from key allies this week. The high court voted 82, rejecting her claim the voting plan procedures are contaminated. Russias De
We had some importing use. Market movement, a lot of volatility. Tom a lot of volatility. We will cover that with paul donovan. Excusepresident me, the president and the chair will meet today at 3 00 p. M. What chair yellen will discuss with the president , but they are meeting. Francine i dont know if this happens very often. They may talk longer term. Tom maybe they will look at Washington Capitals prospects. I dont know. The stanley cup is upon us. Francine there you go. Lets get to the bloomberg first word news. Heres Caroline Hyde. Caroline the international furor over the penama bakers the Panama Papers anders its second week. Over the weekend, cameron addressed concerned Party Activists that acknowledged shortcomings in his handling of the matter. President argentine is promising to put his assets in a blind trust after he was linked to two Companies Listed in panama. Foreign ministers from the group of seven industrialized nations are meeting in japan, calling for a renewed pus
It didnt work. So jerry nadler tried a new approach today. His strategy was to treat impeachment like a faculty meeting at wesleyan. So produce a long line of academics with impressive sounding credentials, have them condemn the president as a very bad man. And if you werent paying close attention, you were standing in line at the cafeteria and just saw it out of the corner of your eye, you might have been impressed. That was the idea. Watch. The evidence reveals the president who used the powers of his office to demand that a Foreign Government participate in undermining a competing candidate for the presidency. If we are to keep faith with our constitution and with our republic, President Trump must be held to account. If Congress Fails to impeach here, then the impeachment process has lost all meaning. I stand with the constitution and i stand with the framers who were committed to ensure that no one is above the law. On the basis of the testimony and the evidence before the house,
He fired me. I wanted to cry. Make him go away. It didnt work. So jerry nadler tried a new approach today. His strategy was to treat impeachment like a faculty meeting at wesleyan. So produce a long line of academics with impressive sounding credentials, have them condemn the president as a very bad man. And if you werent paying close attention, you were standing in line at the cafeteria and just saw it out of the corner of your eye, you might have been impressed. That was the idea. Watch. The evidence reveals the president who used the powers of his office to demand that a Foreign Government participate in undermine ago competing candidate for the presidency. If we are to keep faith with our constitution and with our republic, President Trump must be held to account. If Congress Fails to impeach here, then the impeachment process has lost all meaning. I stand with the constitution and i stand with the framers who were committed to ensure that no one is above the law. On the basis of t