Stocks got hammered yesterday following a series of technical triggers that caused the markets to collapse on a short-term basis. However, the S&P 500 did finally get down to its 50 day moving average, so I suppose we'll see if recent history can repeat with another big turn for the better soon. Even this morning, John Monroe from Elite Opportunity Pro made the following statement in their daily newsletter edition to clients saying: "Although the financial media is blaming the recent move on Trump and North Korea, we clearly saw this coming well before that news started hitting the wires, so it's important we don't get caught up in all of the rhetoric. These markets had technically achieved extremely logical reversal levels, and that's precisely what we attribute the recent selloff to. Fundamental valuations have also gotten a little long in the tooth for many of the big tech names, so that too appears to be adding fuel to the potential downside. The bottom line is we agree with something Art Cashin said on CNBC just this morning - if bombs starting flying, buy the markets because if it ends up being real, we'll all be dead anyway. However, if the scare settles - which we're convinced it will - the markets will likely have achieved levels that present a buying opportunity - not a selling one. Like we said yesterday, there's always the distinct possibility of a reversal back to the upside at either of those two key levels mentioned above. But, if we can get a breach of that 6,000 level to the downside before the markets finally do decide to settle, the move may end up being one of the better buying opportunities we've seen in a while. So, if you've gotten short the major indices via getting long some bearish leveraged index ETF's like SQQQ or SPXU per our recent analysis, you've already done very well. Just remember to keep a tight leash on things in the event the markets reverse themselves sharply back to the upside. In other words, employ some sort of mental stop loss with any bearish ETF's to protect at least some of those gains." As you can clearly see, what goes on in the markets from a professional perspective isn't always what's being communicated in the financial media. It reminds me of the old movie "Wag the Dog" with Robert Deniro - where they work to shift Americans' focus on the current president away from the real issues at hand. Basically, the media is the tail that wags the dog. So while much of America thinks the recent market capitulation has to do with North Korea, the reality is it doesn't have all that much to do with it. That's what I've learned over the years anyway. On another somewhat disastrous note, SNAP, Inc. (SNAP) reported worse than expected numbers after the close yesterday and the stock has been taken out to the woodshed. But, even that might end up being somewhat of a contrarian opportunity before it's over, because while Wall Street does such a great job of annihilating investor sentiment following any new IPO, it's my thinking SNAP might be an overly crowded trade to the downside right now. In other words, Wall Street scares the living daylights out of investors in an idea, shakes the tree to no end - getting investors to dump - and then starts bringing back the stock in a big way - knowing all well fundamentals always win in the end. You can be among the sheep right now and get rid of it, or you could tuck some away for the long haul and see what happens. However, I've seen this all too many times, whereby when things get about as negative in the media as they can get about a stock, that's usually when the stock starts to find a bottom. It's ultimately your call, but I got a strong feeling SNAP is going to leverage its massive Millennial database for some big revenues and potential profits down the road. At the very worse, SNAP might end up realizing being a public company is no fun, and then end up getting bought out by one of the bigger fish.