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The data comes from long-lost ice cores obtained during a secret army mission during the Cold War. Grabbing ice cores for scientists to study served as a perfect cover for their real intention, burying nuclear missiles within Greenland's ice sheet, in a scheme known as Project Iceworm. Along with the ice, scientists grabbed 12 feet of sediment that sat beneath the ice sheet. "The ancient frozen soil from beneath Greenland's ice sheet warns of trouble ahead," Bierman and co-author Tammy Rittenour wrote in The Conversation. Essentially, in the coming centuries, climate change will cause the Greenland ice sheet to melt completely, the researchers said.
Persons: Paul Bierman, Bierman's, Andrew Christ, Josh Brown, Bierman, Tammy Rittenour, Kasl, David Atwood, Emilio, It's Organizations: Service, University of Vermont, U.S . Army, Oceanic Locations: Greenland, Danish, U.S, Miami, Manhattan
Markets are facing a black swan event, according to veteran strategist Jeff Bierman. Bierman pointed to a positive correlation between 5 assets, which is a sign the market is overbought. "This is a witch's brew for the pain trade to the downside," Bierman said in a note on Thursday. This is a black swan event. "Prepare for a bout of volatility," Bierman said of stocks this earnings season.
He also thinks earnings expectations are too high and will come down. This hawkish policy will eventually lead to a recession this year, Bierman said, a view that is shared by many on Wall Street. "The market has not priced in earnings misses, the market has priced in earnings beats," he said. Bierman's views in contextBierman's recession call has become a somewhat consensus view on Wall Street. RIA AdvisorsThis translates to lackluster expectations for stocks among Wall Street strategists.
Year-to-date the S&P 500 is down 17% as the Fed tightens policy to rein in inflation. Bierman is the chief market technician at TheoTrade, and held the same position at TD Ameritrade between 2007-2015. The Fed has been tightening policy this year at the fastest pace in decades in an effort to cool the highest inflation rates since the early 1980s. The second problem is that the US economy is already in a recession, Bierman says. But the number one indicator for Bierman that the US economy is in recession is the yield curve.
The S&P 500 is down 19% in 2022. Since January 3, the S&P 500 is down more than 19%. All except for Apple have underperformed the S&P 500, though they are more on par with the performance of the tech-heavy Nasdaq 100, which is down 28.1% this year. It currently sits at 27.54, and tends to rise when the S&P 500 falls. Markets InsiderWhen all is said and done, Bierman said he thinks the S&P 500 will bottom out somewhere between 3,000-3,300.
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