Today is the Brexit vote.
When this ends, the world can move on to the other numerous Black Swans waiting to hit.
Firstly, the consensus is that the US is the early stages of a recovery. Consensus believes GDP growth will be 2.5%+ this year.
This is happening when the labor market conditions index, industrial production, C&I loan delinquencies, and sales to inventory ratios are all screaming “recession.”
Secondly, stocks are pricing in economic perfection. Earnings have fallen to 2012 levels. Stocks are 30% above that level.
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Thirdly, China is set for another massive round of devaluation. The very issue that crashed markets in August 2015 has not gone away.
There are countless other black swans lurking in the financial system (corporate debt bubble, EU bank crisis, Greece debt forgiveness, $9 US Dollar carry trade, etc.). NONE of them are positive.
The next market collapse is just around the corner. And this time, the Fed won’t be able to stop it.The next market collapse is just around the corner. And this time, the Fed won’t be able to stop it.
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86 closed winners… and not one closed loser… in 18 months.
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Chief Market Strategist
Phoenix Capital Research