Financial, Economic and Social Mood Update (February 1, 2024)
Financial, Economic and Social Mood Update (February 1, 2024) The Dow Jones 30 Industrial Index hit a record nominal high of 38,588.86 on January 31, 2024 and the S&P 500 Index reached a nominal high of 4,931.09 on January 30, 2024. According to Elliott Wave technical analysis the stock market has never been so severely overly bullish or overbought. We can make the same statement for virtually all classes of assets including for real property. The cryptocurrency market is performing no differently from the rest of the market – it is very closely correlated with the overall asset market. In fact the cryptocurrency market is even more closely correlated with the overall global stock market, which hit a nominal peak about two years ago toward the end of 2021. The overall global stock market is 48 percent below its record nominal high from December of 2021, and the overall cryptocurrency market is 76 percent below its record nominal high from November of 2021. We are witnessing nominal & real bear market retracement – this is not a real bull market. The following video from Elliott Wave International of Atlanta (less than 4 minutes long) articulates the problem we have today where too much real estate is owned not by homeowners, but by so-called “investors.” When too much property is owned by the latter, the real estate market behaves and performs like the stock market – in other words, it is subject to boom and bust which can destroy values for many homeowners: https://www.elliottwave.com/articles/u-s-real-estate-a-24-problem/?utm_source=com&utm_medium=eml&utm_campaign=ar-frup&utm_content=frupbsrealestate240104. The following excellent video interview of retired US Army Colonel Douglas MacGregor by Judge Andrew Napolitano (34 minutes long) clearly illustrates how the western world order led by the USA and its lackeys in Europe, North America, Israel, Japan, South Korea, Taiwan and the Philippines is on…