Why the stock market has taken a hit lately

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The stock market got creamed again Monday, with the Dow Jones industrial average falling 395.78 points to 25,017.44.

The decline comes after a couple of solid gains during trading last week.

I want to remind you of something I’ve been saying for a long time. Traders push stock prices higher on options expiration weeks. And last week was one of those times.

But once expiration week ends there is no prop under the market. So you get days like Monday. People who write about this stuff will come up with reasons for big declines — like the trade talks between China and the US going badly.

The truth, however, is that last week’s fake rally set the market up for Monday’s drubbing.

I’m afraid I have been wrong about bitcoin.

I thought the fake “currency” would be worthless by the end of this year. It’ll probably take another year before the price drops to zero.

On Monday, bitcoin’s price dropped below $5,000. Why? No reason — except that bitcoin is a confidence game, a fraud, and people must have lost confidence in it for some reason last week.

BTW, I made my prediction about bitcoin early this year, when it was selling for about three times what it is today.

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