BROADCASTS.com

b'VISIT PETER AT THE LAS VEGAS MONEY SHOW
\\nMay 13 \\u2013 15, 2019
\\nhttps://conferences.moneyshow.com/\\u2026/4532d84bf\\u2026/peter-schiff/
\\nAs Noted on My Last Podcast\\u2026
\\nAs 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.\\xa0 The Dow was down 617 points; that\'s about 2.4 %.\\xa0 But the real carnage was in the NASDAQ.\\xa0 That was down 3.4%.\\xa0 The Russell 2000 also down better than 3% - 3.2%, showing that domestically focused stocks are actually getting hit harder than the multi-nationals.
\\nLyft and Uber Still Sinking
\\nMore trouble again for the recent IPO\'s, in particular, the ride-hailing companies Lyft\\xa0 - down again, another 5.8% off the lows of the day - the lowest $47.17, closed at $48.15.\\xa0 The Uber disaster continues.\\xa0 Uber was down almost 11% today.\\xa0 At one point, it was down 12% - the low was $36.08.\\xa0 We closed at 37.10. Remember we came public Friday. This is only the second trading day.\\xa0 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.
\\nChina: No Deal
\\nI think the bear market rally is over - I\'ve been saying that, "Long live the bear market". The Bear market rally is dead.\\xa0 We are going a lot lower.\\xa0 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.\\xa0 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.
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