NASDAQ Tanks as Analyst Warns of Major Correction: Is the Brandon Bust Here?

An analysts predict the whole market could fall 20%, and we could be in a bear market for 18 months.

Prominent market technician Ralph Acampora says the recent bout of market volatility has him uneasy and now he's forecasting a deeper drop in a market that has already delivered a significant bruising to Wall Street in the first few weeks of 2022.

"I really didn't like yesterday's action. That wasn't cool," said Acampora in an interview with MarketWatch late Friday morning from his residence in Minnesota, referring to an intraday reversal on Thursday -- when the Nasdaq Composite Index COMP, -2.72% was up 2.1% at its peak only to end down 1.3%. It was the second such reversal for the Nasdaq, and the folks at Bespoke Investment Group said that Thursday's backslide marked the first time the Nasdaq Composite erased "an intraday gain of 1%+ and closed lower by 1%+ on back to back days in over 20 years."

"That's not climactic activity, that's a reversal pattern," Acampora said.

Acampora, who began his career on Wall Street in 1967, said that the recent pullbacks are bearish for the outlook in stocks.

"I've lived through too many bear markets," he said via phone, noting that the lengthy bullish run for stocks, which has been primarily fueled by easy-money policies from the Federal Reserve to combat COVID, may be coming to a conclusion.

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He told MarketWatch on Friday that his own sentiment has shifted toward stocks: "If you had spoken to me on Tuesday I would have said that the market is going to correct [a decline of at least 10%] and I'm now talking 20% or more," he said of his expectations for declines in stock benchmarks.

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One of Acampora's other concerns is that the economy faces stagflation, a period of rising rates and rising inflation. Stagflation can cause real incomes to stagnate or decline and erode purchasing power. Such a scenario could be a yearslong dampener on the market's uptrend.

Let's Go Brandon.

At least the tweets are nice, though.

Hey NeverTrump -- are you still savoring the pristine Tweets?

They seem to have come at quite a price.

At least the media's getting wrecked.

Netflix, Disney, Amazon, tech stocks take a beating.

Netflix lost 20% of its share price after "borderline catastrophic" forecast.

They seem to have hit their ceiling on subscribers.

Sad! Buzzfeed's stock has fallen more than 50% and analysts say it's still not a bargain!

This video recounts the slow but well-deserved death of Buzzfeed.

Sad! The owners of the A.V. Club are moving the company's offices to LA from Chicago, and the editors are resigning, because, they say, the company isn't offering them enough money to make the move, and they think the company actually doesn't intend for them to move at all, and that this is really just a Disguised Firing.

It probably is. Clownfish TV was just ranting about leftwing internet writers and "creators" who do not care about generating profits for their owners but only in generating outrage for social justice, and the owners having had enough of it.

They've been predicting that 2022 is going to be a slaughterhouse for online media. If the economy is also bad, setting an even poorer baseline for advertising and economic activity -- well, it will be even worse for the SJWs of online media.

(This post is going to get stomped quickly.)

posted by Ace at 05:24 PM

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