Why so red? A summary from the WSJ today.

Much like the sentiment that all crypto follows BTC, I'm a firm believer that crypto in general follows traditional financial markets.

Here's a summary of an article in today's Wall Street Journal titled "Delta Variant Fears Shake Markets" that I think paints a red picture of what we saw yesterday.

• The DJIA decline 700 points yesterday, it's worse session in nine months

• The blue-chip index fell 725 points, its steepest decline since Oct 28 2020

• 10 year US treasury note went to lowest level since Feb '21

• Governments are considering lockdowns again due to Delta variant

• Inflation growing faster than expected

• Strained US/China relations putting pressure on trillions of dollars worth of US listed Chinese companies

-"The market is saying the economy is going to slow down fairly significantly in the next weeks or months"

• Markets rallied first half of 2021 as people bet the economy would bounce back post-Corona

• The economy grew 9.1% from April-June, the second fastest pace since 1983

• Analysts are predicting S&P 500 profits for Q2 to be 70% higher than last year – highest growth rate in a decade

• Growth most likely peaked in spring

• Oil price is declining

• Unemployment has stagnated which could lead to labor shortage

• INFLATION, INFLATION, INFLATION

• Consumer price index rose 5.4% in June from a year ago, fastest pace since August 2008

• Investors are moving to government bonds, a general sign of market fear

• THERE HAS NEVER BEEN A MODERN ECONOMY THAT HAS REOPENED AFTER A PANDEMIC

Time to strap in and HODL. Going to be a bumpy ride.

EDIT: My first awards 🙂 Thank you fellow crytpo-psychos!