Meme Tops & Retail Sales
We are now 10 days since “Yen-Mageddon” / “Yen-pocalypse” / “Yen-mpire Strikes Back” or whatever you want to call it.
The S&P is up +7% from its lows and back at its 50dma…
…and the VIX dropped from 60 … to 16 !!!
I will never forget perma-bull Jim Cramer tweeting on that fateful Monday that “we aren’t oversold enough for a real bounce” or Morgan Stanley saying that the “equity correction may have more room to go” or Jeremy Siegel calling for an Emergency Rate Cut and then the Rates Market ACTUALLY shifting to price in one!
Well….the same geniuses will now tell you to buy stocks and tell you everything is fine. I mean, look at this video of Jeremy backtracking his comments. I think the Meme below is appropriate for all these Market “Wizards”:
