North Korea’s whack-job dictator has reportedly lobbed a missile over Japan, causing index futures to plunge Monday evening. So far, DaBoyz are acting almost as crazy as Mr. Kim, treating this unprecedented act of aggression as a buying opportunity. They’ve pulled their bids, allowing stocks to fall steeply enough to discount any outcome short of Armageddon, and now they are actually effecting a bounce to unload shares they bought on the news. Kim Jong Un-sane will get much of the credit if it turns out that a bear market has begun. But this is not how the stock market works. As long as the delusion persists that Wall Street fears North Korea, stocks will remain vulnerable to a sigh-of-relief rally when Kim backs off. That’s how bull traps are set, and it is what I’d suggest that you look for.
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Tuesday, September 26, 2017
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