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October 22, 5:00 pm EST As the events surrounding Saudi Arabia continue to unfold, it is beginning to look more and more like the market shakeup of the past three weeks was triggered by Saudi selling. The top in stocks and the heavy selling came just as news was hitting wires that Khashoggi never exited the Saudi consulate in Turkey – disputing the story of the Saudi government. Stocks put in a top that day.
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And that was the day the bond market also made it’s move — the 10-year yield spiked from 3.08% to 3.18%.
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Here’s what hit the news wires that triggered the selling in bonds/rise in market rates – to the hour.
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So, was the catalyst for this market correction triggered by money from Saudi Arabia moving to escape a potential asset freeze? It looks possible. We constantly hear predictions of impending corrections, pointing to all of the clear evidence that should drive it, but corrections are often caused by events that are less pervasive in the market psyche. The Saudi story would qualify. If you need help with your shopping list of stocks to buy on this dip, join me in my Billionaire’s Portfolio. We follow the world’s bests billionaire investors into their favorite stocks. Click here to learn more. |