In today’s Money Weekend, Murray’s ‘Closing Bell’ video takes you through key charts showing the market falls this week. Murray says this is no time for picking up bargains, as further downside is definitely on the cards. Take a look…

The eternal optimism of the markets is slowly being worn down, and we are approaching a time when the ‘buy the dippers’ may turn into the ‘get me the hell outers’.
The US CPI figures have knocked the stuffing out of the fantasy that rates were nearing a peak and the economy would slow gradually and come to rest on a cloud of marshmallows.
Instead, the Fed is still in the early stages of chasing down inflation, and equities are taking fright, with the low of the correction set in June within cooee.
US 10-year bond yields are sniffing at 3.5%, which hasn’t been seen in over a decade, and there is a chance rates could spike higher above there.
Gold has cracked below the US$1,675 level that I have been banging on about, so now everyone must hold their breath and wait to see whether gold goes into free fall as stop-losses from two years’ worth of buying get hit.
The S&P 500 has turned back down from the zone that I said should see stiff selling pressure. Everything is now pointing down, and there are many dominoes lined up beneath the market that could see a chain reaction to the downside that will leave many investors gasping for air.
Now is not the time to get cheeky looking for bargains. Now is a time to ensure that you can withstand whatever is coming next because I reckon the set-up is as close to 2008 as I have seen.
In today’s ‘Closing Bell’ video, I take you through the abovementioned markets, pointing out why I think many markets are on the edge of having explosive moves.
Until next week,
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Murray Dawes,
Editor, Money Weekend