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It's the start of a brand-new week... and much more importantly, the start of an entirely new stock market.
That's right: Everything's changed.
The overriding bullish sentiment that powered markets higher for nine years died last week.
It was at death's door the week of Oct. 15, but the bull had a pulse at least.
Not anymore. It's flatlined. R.I.P.
The action last week... ouch; it was ugly. Particularly the Nasdaq, which is well on track for its worst October since 2008.
In fact, that may have been the decisive "death blow."
Why was that so bad?
Well, for years, the tech darlings, chiefly the FAANG stocks - Facebook Inc. (NASDAQ: FB), Amazon.com Inc. (NASDAQ: AMZN), Apple Inc. (NASDAQ: AAPL), Netflix Inc. (NASDAQ: NFLX), Google's parent company, Alphabet Inc. (NASDAQ: GOOGL), and Microsoft Corp. (NASDAQ: MSFT) - would routinely lead markets higher.
Not anymore.
Don't let Monday's rally fool you. There's just not enough there to change the inevitable fact that there's a new boss in town...
About the Author
Shah Gilani boasts a financial pedigree unlike any other. He ran his first hedge fund in 1982 from his seat on the floor of the Chicago Board of Options Exchange. When options on the Standard & Poor's 100 began trading on March 11, 1983, Shah worked in "the pit" as a market maker.
The work he did laid the foundation for what would later become the VIX - to this day one of the most widely used indicators worldwide. After leaving Chicago to run the futures and options division of the British banking giant Lloyd's TSB, Shah moved up to Roosevelt & Cross Inc., an old-line New York boutique firm. There he originated and ran a packaged fixed-income trading desk, and established that company's "listed" and OTC trading desks.
Shah founded a second hedge fund in 1999, which he ran until 2003.
Shah's vast network of contacts includes the biggest players on Wall Street and in international finance. These contacts give him the real story - when others only get what the investment banks want them to see.
Today, as editor of Hyperdrive Portfolio, Shah presents his legion of subscribers with massive profit opportunities that result from paradigm shifts in the way we work, play, and live.
Shah is a frequent guest on CNBC, Forbes, and MarketWatch, and you can catch him every week on Fox Business's Varney & Co.
