Gregory Mannarino, PM 6/10/22:
"Has 'The Meltdown' Actually Begun? Well, Maybe"
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Related:
Economic “KILL SWITCH” Activated – June 15th at 2p.m.
by Jim Rickards
"Hi Reader, Jim here. If you saw yesterday’s briefing, then you know that just days from now…A building located just three blocks away from White House will be “ground zero” for the next financial crisis. A crisis that could send the Dow plummeting by 80% or more virtually overnight.
No, this has nothing to do with the Biden administration, or any branch of the federal government for that matter. This crisis goes much deeper than any of that. You see there’s a reason that stocks have already started to crater this year. There’s a reason that they have much further to fall There’s a reason that guys like Jamie Dimon, the CEO for J.P. Morgan and Big Short investor Michael Burry are saying that an “economic hurricane is coming” and that “2022 will be like watching a plane crash.”
There’s a reason I’m issuing what should be considered my third and FINAL warning about the economic atom bomb that’s set to denote June 15th at exactly 2 p.m. And that reason has to do with a tiny historical chart pattern that goes all the way back to 1919. A pattern that appeared before nearly every major market crash in recorded history… Let me show you exactly what I mean. Take a look at this:
It may seem odd to you now. But this weird little 3 step pattern has acted as America’s “economic kill switch” for more than a century. It appeared before the 1987 stock market crash…when the Dow plunged 23% in a single day and trillions of dollars of wealth evaporated overnight.
It appeared before the dot.com bubble 2000…just before the NASDAQ dropped 75% and didn’t recover for nearly 15 years.
And it appeared before 2007…before the stock market went on to lose more than half of its value. And millions of investors around the country watched in horror as their dreams of an early retirement went up in flames.
And this same pattern is set to appear again on June 15th at exactly 2:00 p.m. And once it does, the stock market's fate, as well as the financial futures of millions of Americans, will become sealed.
Look, when I first began warning about this pattern on March 14th of this year the Nasdaq proceeded to drop by 12%, and some of Wall Street's biggest names started to implode. It was a financial bloodbath for anybody who stayed in the markets.
But that was only step 1 of a 3-step pattern. Then when I came back for my second warning on May 4th of this year, just before the pattern advanced again…Less than a day later, the markets had one of their worst sell-offs since the coronavirus crash. And dozens of stocks from Amazon, to Uber, to Tesla began reporting double digit stock losses. And that just was step #2, and again, anybody who stayed in the markets suffered but anyone who listened to me had the chance to avoid the carnage and even profit.
And now we are heading to step #3. This is the biggest and most dangerous step of them all. This step has been the “Market Killer” for more than a century. Once we cross this threshold on June 15th at exactly 2 p.m. there is no turning back. And we could see the Dow plummet by 80% or more virtually overnight."
About James Rickards:
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A Comment: I strongly suggest you consider this material seriously. A market crash of 80% would have terrifying consequences as mass bankruptcies and company closings occur overnight causing many millions to lose their jobs. But the most horrifying consequence of all will be the coup de grâce delivered by the astonishing tsunami of margin calls of the 2.4 QUADRILLION of derivatives these psychopaths have created in their infinite greed and arrogance, globally bankrupting literally all the corporations, banks, insurance companies and governments. Truly the end of the world as we've known it... - CP
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