Courtesy of Mish.
The DOW fell over 372 points, the VIX volatility index jumped 46%, gold was up $23, the dollar fell, and treasury yields sank across the board.
The media attributed this to Trump. Speculations regarding possible impeachment hearings soared.
Realistically speaking, however, impeachment odds are near zero. So what spooked the market?
Just a few days ago the market hit a fresh high. Today we see the following (Note: nearly all of these have autoplay videos, a pet peeve. I recommend clicking on none of them).
- CNN Money: Dow has worst day in 8 months as Trump drama rattles market
- CNBC: Dow sheds 370 points; stocks close lower and wipe out monthly gains on Trump fears
- NPR: Dow Jones Drops By 300 Points As Trump Remains Embroiled In Controversy
- IBD: Stocks Tumble On Trump Woes
- CBC: S&P/TSX sheds 269 points as stocks plunge amid uncertainty around Trump
- Newsmax: Investors Must Brace for 20 Percent Market Plunge
Blame Trump?
There are at least a dozen articles all blaming Trump for today’s decline. No mainstream article discussed the possibility that stocks are insanely valued and deserved to drop substantially.
Some articles mentioned impeachment. However, the odds of impeachment anytime soon, if ever, are close to zero percent.
CNN gets that aspect correct in its Impeachment Guide.
