White House economic advisor L. Kudlow recommended to buy the dip on Thursday, opining that we were not yet in a trade war. And the market squeezed for a third day...In the evening of the same day, D. Trump slammed a USD100bn further tarriff, warning the stock market could correct awaiting a settlement with China and for the good cause... L. Kudlow said he was not aware of the additional USD100bn tarriff when he said to buy the dip... As if this was not enough, the US job market was widely expected to come out strong ... and instead came out much weaker than expected which confirms the peak in the US econimic monentum may have been oassed as well. This did not impact the market immediately as investors remain conditioned and now officially encouraged to buy the dip... We’ll know what to do next time L. Kudlow tips on the market outlook...hopefully. Are we now in a bear market? “Growth is slowing whether people want to acknowledge it or not,” Peter Schiff wrote. “The bull market is over. It’s now a bear market. People want to get out. People are allocating out”, he said. We cannot be as strongly opiniated but to call a spade a spade, we share the same concern. If it is not a bear market, one thing is sure: we are in a much more dangerous market (the dow had three 500 points plus episodes this week, down, up and down again) than a few months ago which all by itself should lead to a further deleveraging and therefore possibly also to an aggravation of the ongoing correction. In a selloff like Friday, there was no real place to hide (besides gold at the margin) but European shares outperformed on the downside despite dollar weakness. Gold and gold ahares added 0.5%. The dollar was weaker across the board and bonds rallied. The Fed likely holds the answer to the question above but if it comes to the stock market rescue with a reversal and more instead of less qe, it will tank the dollar...Talk of a lose lose situation.... Many cryptos ended the week  around their lows for the year as well.

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