by Jason Bodner
October 29, 2024
In 1975, China’s Banqiao Dam failure was catastrophic. Along with 61 other dams, Banqiao collapsed when Typhoon Nina hit China, causing the third deadliest flood in history. It killed as many as 240,000 people, affected 10.1 million, and collapsed 6.8 million homes.
This disaster could have been prevented. Cracks were observed in the dam shortly after its construction in 1952, early in Mao’s rule, but nobody wanted to criticize the builders – or the central government.
Sometimes cracks appear in the stock market, too. Well, one just did… our trusted BMI has just fallen from overbought, just a few days after it turned overbought.
Today, I’ll look at just what this means, what to expect and, most importantly, how to play it.
Below, we see that the BMI poked its head above overbought (80), then quickly retreated back below:
Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.
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