Has CNBC Even Mentioned This Decline Once Today?
In case anyone hasn’t noticed, the NASDAQ Composite is trading lower by nearly 2.0 percent this morning. Believe it or not, CNBC has not once mentioned the decline in the tech sector. Instead the popular financial news network continues to focus on the upcoming IPO's like Grubhub which is an online food delivery service. Oh, how this feels like 1999 all over again.
Due to today's decline in the NASDAQ and the Russell 2000 Index traders should now expect the central bankers to start chirping about interest rates staying low forever. Generally, whenever there is a decline of this magnitude the central bankers will come out of the woodwork and today should be no exception.