The British American Tobacco offices in London, Britain. Picture: REUTERS/STEFAN WERMUTHBUY: ProShares Short S&P 500 ETF
The outlook for the US economy is bad. The interest rate hikes are likely going to be far bigger than the market expects as the US Federal Reserve tries to get a grip on inflation. The hikes are going to crush American consumers. In addition, if the Russians are really going to start selling oil in roubles, other oil producers may just as well start to sell their products in their own currencies. That will mean the whole demand base for dollars is gone. I’m very bearish on the US economy.
Selling BAT now is a short-term speculative trade, and investors who have been holding the stock for a while should keep it.
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