US stock markets took another nosedive last week. Analysts blame the selloff on fears that the arrest of a Chinese businesswoman could derail apparent progress in resolving the trade war between the US and China. But during an interview on RT America, Peter Schiff said that while the arrest of Meng Wanzhou might have sparked the selloff, it wasn’t the underlying reason.
This is a bear market. That’s why the market went down. If it wasn’t that, they would have found another excuse. If we were in a bull market, I think the market would have shrugged it off. So, we’re going lower.”
Peter has been saying we’re in a bear market for weeks. Technically, the broader markets are not in bear territory. But when you look at individual stocks, the picture isn’t so bright. Nearly half of the stocks on the S&P 500 are, in fact, in a bear market.
