THE WORST IS STILL IN FRONT OF US
EXPECT A SHORT TERM BEAR MARKET CONTER RALLY
FADE THE UNFOLDING COUNTER RALLY - SELL THE RIPS
$20T IN LOST NET WORTH IN 2022
US household net worth, which consists almost entirely of financial assets (and real estate) - tracks the S&P with an almost 1.000 correlation. That means that with the S&P briefly entering a bear market on Friday and sliding approximately 20% from its all time high, reached just a few days into 2022 when US net worth hit $150 trillion, US households have seen about $20 trillion in net worth disappear in 2022. This doesn't count a real estate market on the verge of falling hard from rising mortgage rates and unaffordability.
Latest President Biden poll from CBS News:
85% of all Americans believe that there will be a recession within the next year,
74 percent of Americans believe that things are going badly in this country,
- 69% say economy is "bad"
66 percent of Americans “have avoided social events because they’ve felt embarrassed or uncomfortable” about their financial situations
- 65% say Biden is "slow to react" when issues arise"
- 63% describe state of the country as "uneasy" and "worrying",
56 percent of Americans say that their financial situations are getting worse,
51 percent of Americans actually believe that Joe Biden is “incompetent”.