It's been a nasty start to 2016. The sell-off is eeriliy similar to the one that started in early August and culminated with a 'market crash' a few weeks later. Even price action is similar to the August sell-off, namely the level at which the action started to get real nasty - 4500 on Nasdaq Futures. I tweeted this late last year:
Yesterday after the stock market closed, and after a 4 hour break, I checked stock futures. They were down 1.5%. In the words of the late Yogi Bera... It was Deja Vu All Over Again. Much likfe the buy the dip frenzies we've seen since the 2009 lows, have we not seen the China story before?
This morning stock futures are down over 2%. This China Yuan issue harkens back to the early August 215 action. It was a precursor to a Monday market crash. It wasn't clear at the time. But the market was on a precipice.
The week before the market crash we had FED minutes....
