Welcome Stockaholics to the trading week of March 23rd! This past week saw the following moves in the S&P: Major Indices End of Week: Major Futures Markets on Friday: Economic Calendar for the Week Ahead: Sector Performance WTD, MTD, YTD: What to Watch in the Week Ahead: Monday 8:30 a.m. Chicago Fed National Activity Index Tuesday 9:45 a.m. Markit Manufacturing PMI flash 9:45 am. Markit Services PMI flash 10:00 a.m. New home sales Wednesday 8:30 a.m. Durable goods 9:00 a.m. Housing price index Thursday 8:30 a.m. Jobless claims 8:30 a.m. Q4 GDP [final] 8:30 a.m. Advanced economic indicators Friday 8:30 a.m. Personal income/spending 8:30 a.m. PCE price index 10:00 a.m. Consumer sentiment
Stocks Suffer Worst Week Since Lehman Despite Biggest Fed Bailout Ever This has been the sharpest market selloff in history... This was the worst week since Lehman (and worst 4 weeks since Nov 1929) for The Dow Jones Industrial Average...(Dow was down 18% during the Lehman week and 17.35% this week) Maybe it was the 'stock' and not the 'flow' after all... Source: Bloomberg And if you think stocks already fell too much, think again... Total market cap to GDP is just now retesting the peak of the housing bubble levels! Source: Bloomberg As @TaviCosta notes, "This puts into perspective... We truly were at absurd valuations." Never Forget!! Chinese markets are mixed since the Wuhan flu began with tech-heavy super-leveraged ChiNext still green as the the megacaps get pummeled... Source: Bloomberg In Europe, "Whatever it takes" wasn't enough... Source: Bloomberg Nasdaq remains notably higher since President Trump's inauguration, S&P is barely higher but The Dow, Transports, and Small Caps are all underwater now (the latter two crushed)... Source: Bloomberg And US stocks are testing a serious trendline... Source: Bloomberg S&P 500 broke the post-crisis uptrend dramatically... Source: Bloomberg With the Median US Stock down over 50% from its highs... Source: Bloomberg The US Stock markets have lost almost $30 trillion in the last few weeks... Source: Bloomberg And US stock market volatility has not been this extreme since Black Monday in 1987 and Black Monday in 1929... Source: Bloomberg Credit markets are utterly collapsing with nothing The fed did this week helping... HY is the worst since the financial crisis... Source: Bloomberg And HY has a long way to go if it catches up with fundamentals... Source: Bloomberg And investment grade credit is getting crushed at a record rate... Source: Bloomberg Treasury bond vol has exploded - at its sharpest rate ever... Source: Bloomberg Bonds and stocks have completely decoupled, trading down together and breaking the 'normal' correlation regime... Source: Bloomberg Very volatile week in bond-land but thanks to today's buying pressure, most of the curve ended lower in yield (dominate dby the short-end) as stocks collapsed... Source: Bloomberg On the day, bond yields cratered - 30Y fell a stunning 37bps, the most since 2008; and 10Y fell 30bps, the most since 2009... Source: Bloomberg 10Y yields were marginally lower on the week (amid a massive 65bps intra-week range) and back below 1.00%... Source: Bloomberg Muni yields ended up 60bps today - refusing to improve despite The Fed's new facility... Source: Bloomberg Amid all this carnage, negative-yielding-debt worldwide has evaporates rapidly as bonds have been dumped everywhere (sending yields higher)... Source: Bloomberg The dollar is up a stunning 9 days in a row...as the global dollar shortage creates an unstoppable bid every day after Europe opens... Source: Bloomberg This is the biggest 9-day surge in the dollar (a shocking 8%-plus) ever - more than when Soros broke the Bank of England... Source: Bloomberg Cryptos had a big week, extending gains from last week... Source: Bloomberg Absolute carnage in commodities this week as a strong dollar and ugly fundamentals slammed copper and crude... Source: Bloomberg Precious Metals were pummeled this week as the dollar soared with Platunum worst and gold best... Source: Bloomberg But oil was the real headline on the week - utterly devastated and Putin's comments today spoiled the party from yesterday's best day ever... This was WTI's worst week since 1991... Finally, as a reminder, Santiago Capital explains why The Fed Swap Lines aren't working... (and in fact are making things worse)... Santiago Capital@SantiagoAuFund Just a quick note to remind everyone that dollars flowing via swap lines are not a gift. They are loans. Loans are future demand for dollars. Demand. Demand for dollars is off the charts. So while swap lines provide ST liquidity, they increase overall demand. THEY INCREASE DEMAND 420 3:40 PM - Mar 19, 2020 Twitter Ads info and privacy 128 people are talking about this For a month, global stock markets refused to take any notice of the virus that was taking hold in China... not our problem... we'll be fine... Fed will rescue us... v-shaped recovery... and then... Source: Bloomberg And the prediction market says that the Wuhan flu has done what Schiff and the Democrats couldn't with three years of bullshit narratives... Source: Bloomberg And what happens next? Source: Bloomberg And this is not very reassuring - as all the chatter of helicopter money has sent USA sovereign credit risk notably higher... Source: Bloomberg
Here are the percentage changes for the major indices for WTD, MTD, QTD & YTD in 2020- S&P sectors for the past week-
How Markets Bottom With US equities firmly in a bear market, even the most long-term investors are now looking ahead to when the selling may stop and where the S&P 500 Index might ultimately bottom. “Nobody knows exactly how this market bottom will play out,” said LPL Financial Senior Market Strategist Ryan Detrick. “However, using history as guide, we know markets tend to retest or even slightly break previous lows.” We took a look at how markets have bottomed for two previous bear markets that show similarities to the current sell-off, in terms of speed and magnitude. As shown in the chart below, following Black Monday, the largest single-day decline in the history of the S&P 500, the index rebounded modestly, before undercutting its lows about six weeks later. However, a look at the bottom panel shows that the momentum, or speed, of that move was significantly less extreme and markets went on to rally, ultimately eclipsing the 1987 peak less than two years later. The 2008-2009 financial crisis tells a similar story. While the S&P 500 Index didn’t ultimately reach its low until March 2009, most stocks actually bottomed during the fall 2008, following the collapse of Lehman Brothers. Even though the S&P 500 undercut the October lows by a full 10%, this divergence, similar to the momentum observed in 1987, shows that things were improving under the surface even if the price of the index didn’t yet reflect it. It may be too early to say that the initial leg of our current decline is done, but certainly we have seen extreme fear and a historic decline in markets. One positive—the S&P 500 has yet to close below its December 2018 lows. Soon it may be time to start hunting for signs of a bottom. Stocks Approach 2009 Valuations vs. Bonds We rolled out our Road to Recovery Playbook at the start of the week to help investors gauge where the market is in its bottoming process. The first and most important piece of that playbook—visibility into a peak in new COVID-19 cases—remains elusive, but we hope to have a clearer picture with the next couple of weeks as containment efforts have more time to work. We continue to monitor cases daily and plan to update you on that progress regularly during this crisis. We’re getting closer to checking off the other four boxes. We would just like to see a bit more economic data consistent with recession—almost surely coming soon—and to get more clarity on the timing, size, and nature of the policy response before checking off those two boxes on our list. The technical analysis and sentiment box was checked last week—the amount of bearishness among investors is near the levels of prior bear market lows. The last box—markets pricing in recession—was also checked last week based on the magnitude of the sell-off. The nearly 30% drop in the S&P 500 Index from the February 19 high is close to the average peak-to-trough decline in recessions at about 35%. Another way to show a recession is priced in and stocks may be near their ultimate bottom is by valuing stocks relative to bonds, sometimes called the equity risk premium (ERP), which we show in the LPL Chart of the Day. “Stocks are now historically cheap by most measures after this selloff,” noted LPL Chief Investment Officer Burt White. “When comparing stock valuations to bond yields, we are approaching levels only seen during some of the worst bear markets over the past 50 years.” The equity risk premium compares the earnings yield on the S&P 500 (the inverse of the price-to-earnings ratio) to the 10-year US Treasury yield. That number as of March 18 was 4.9%, well above the long-term average of 0.8% (it was higher on March 16 when the 10-year Treasury yield was 0.73% rather than 1.18%). That compares to historical peaks between 6 and 7% in 1974 and shortly after the financial crisis. The bottom line is that if this trend holds equity investors could be well compensated over time for the risks they are taking now. We know it’s tough to see the other side of this crisis right now, and the volatility is unnerving for all of us. But historically, investors who owned stocks at these valuations have been rewarded over time. We think this time will be no different. How Quickly Can Stocks Recover From COVID-19? The market volatility continues, as the S&P 500 Index has closed either up or down 4% or more for a record 7 consecutive days. With the S&P 500 Index down 30% from the highs, it has officially moved into a bear market. Yesterday, we took a look at how stocks did after the lows of major corrections formed, and today we’ll take another angle on this. We do not know if down 30% is the lows; in fact, it probably isn’t. The good news is we feel we are getting close to a major low. How quickly could stocks regain their February 19 highs? “Historically we’ve found that some of the quickest market sell-offs can lead to some of the fastest recoveries,” explained LPL Senior Market Strategist Ryan Detrick. “That’s the good news. The bad news is if the economy falls into a recession, it can take longer.” As the LPL Chart of the Day shows, there have been 14 previous bear markets since 1950, and it took an average of 20 months from the bear market lows to recover the losses*. Taking this a step further, when the economy avoided a recession, the recovery took only 10 months, versus 30 months for a recession, although a lot of that is because bear markets accompanied by recessions are typically deeper. Last, the last three bear markets that avoided a recession recovered the gains in 3 months, 4 months, and 4 months after the ultimate bear lows were made. Looking To The Other Side of The Bear The indiscriminate selling continued yesterday, with one of the worst days in stock market history. Fears over the potential impact of COVID-19 (coronavirus) have led to one of the steepest sell-offs in history, rivaling what we saw in 1962 and 1987. With the S&P 500 Index down 30% from the all-time highs set less than a month ago on February 19, it is quite clear the stock market is voting on a significant economic slowdown over the coming months. Historically, during bear markets we have found that stocks pulled back 37% on average during a recession and 24% on average if a recession is avoided. With stocks currently down right near the middle of this, the economy could be about a coin flip to going into a recession or not. We discuss this idea and more in our latest LPL Market Signals Podcast. What happens next? “Clearly no one knows how bad things could get and when stocks will ultimately bottom, but we feel we are getting close,” explained LPL Senior Market Strategist Ryan Detrick. “The good news is a year after previous market corrections end, as scary as they all felt at the time, stock performance has historically been quite strong, higher more than 90% of the time.” As shown in the LPL Chart of the Day, since 1980, there have been 31 other 10% corrections or more for the S&P 500, according to data from our friends at Ned Davis Research. We’d like to stress, we don’t know when this weakness will end, but if we are close, the average return after a correction ends has been more than 23% on average and higher more than 90% of the time. Humanity Rallies to Battle Coronavirus Welcome to the new digital world. Life has surely become more challenging as we all hunker down to stem the spread of the novel coronavirus. Many folks are now out of work or were forced to close their business during this social distancing decree. Some of us are fortunate enough to be able to continue working or running our business from home. We at Hirsch Holdings and at StockTradersAlmanac.com are here and open for business, so feel free to call or email if you have questions, comments or requests. At this time it’s important to help others where and when we can. Kids will need more support in general and guidance to stay on task with their new distance learning systems (thankfully many are already familiar with these tools). We also need to check in with our seniors while we stay away. Our founder, inspiration and creator of the Stock Trader’s Almanac, Yale Hirsch is 96 and in a nearby nursing home. We had our first FaceTime visit on Wednesday. He looks healthy and in good spirits. Yes, this time is different, but what history tells us about waterfall declines still provides a valuable perspective. Volatility is likely to remain high for the near future, but we all know this market will rebound and get back to new highs at some point. The question of course is how much it will rebound and when. This may be the fastest and most furious decline in stock market history, but in reality we have experienced similar declines, just not quite as rapidly – and not straight off a new all-time high. It’s impossible to know if we have hit bottom yet. By definition and nature bear market bottoms are only visible with a bit more hindsight. So speculating on the timing of a rebound, rally and recovery is not prudent. When we have a clearer picture on a bottom being in, we will be able to project what the next bull market may look like. So let’s examine how this bear market stacks up with the history of declines of this nature and depth. The S&P 500’s 29.2% decline from the February 19 all-time high to the March 18 close is just under the average bear market decline of 33.1% since 1948 in the post WWII era. And it’s just about equal to the average bear market decline of 30.6% for DJIA listed in the 2020 Stock Trader’s Almanac on page 131 that uses the Ned Davis Research bull and bear market definitions going back to the year 1900. So the decline so far is average. The velocity of the decline of near 30% over 28 calendar days is only matched by the 1929 and 1987 crashes. It took the market 25 years to reclaim the 1929 high through the depression and WWII. It took two years to reclaim the August 1987 high. Monetary and fiscal policies, as well as market systems, have come a long way since 1929 and 1987 and those crashes were outliers. This time could be an outlier as well, but the global response has been massive and we have learned a great deal since the outbreak became public in January. Massive fiscal and monetary interventions are in place and more is at the ready. The healthcare industry is being ramped up while local governments and communities shelter in place to stem the spread of the virus. Most importantly some existing medical solutions appear to have potential and the government is throwing all the support it can behind these potential therapeutic solutions. While this coronavirus situation is not like anything we have experienced before, the planet has survived a host of plagues and wars and humankind has thrived for quite some time despite it all. Our species has the ability to build on the ingenuity and wisdom of previous generations in an exponential manner. If we can go to the Moon and Mars and beat fascism we can beat this virus and come out of it stronger. All that being said we suspect we are closer to the low than another major leg down and that we will end up with a V-shaped bottom and recovery. But the damage has been done and as we reported on January 31 when the January Barometer came in negative our outlook has diminished this year. After the Dow’s December Low was breached our March Outlook showed in the chart below the disconcerting returns in years with a negative January Barometer when DJIA closed below its December closing low in Q1. At this point Congress has already approved and President Trump has signed into law well over $100 billion in emergency funding with more likely to come. This is in addition to the approximately $50 billion that became available when President Trump declared a national emergency to combat coronavirus and changed requirements to speed up testing and care. Last night Senate Republicans unveiled a $1 trillion economic stimulus package. It’s not law yet, but something along those lines is likely very soon. The Fed has shown it will pump virtually unlimited amounts of liquidity into the system. We have learned a lot over the years and society is pulling together to do everything in its power. Medical fundamentals are improving. The full force of United States Federal Government is being deployed. Barring an absolute worst case medical scenario where the whole country is infected a fairly brisk recovery is likely once the virus has been contained. So stay safe and stay informed. Follow healthcare and government guidelines. Keep others calm and when this is over we will guide you back in the markets with our historical perspective, sound fundamental and technical analysis and our evidence-based tactical seasonal strategies. COVID-19 Collapse vs. Other Major Downturns Thu, Mar 19, 2020 Even though equities rose today, the S&P 500 still remains over 28% off of the 2/19 high. As of yesterday's close, only twenty days after the S&P 500's peak, the index was down nearly 32% from that high. Below is a look at the current selloff from its high versus prior big selloffs since 1928. We all know about the 1929 and 1987 market crashes, but this one has even those beat in terms of the time it took to fall this much. And the two major peaks and subsequent bear markets of the 21st century both took basically a year to fall the same amount that we've fallen in just 20 trading days this time. Oil Slippery Thu, Mar 19, 2020 Like a flopping wet fish, it's been incredibly hard to get a hold on an accurate price of crude oil this week. With a gain of 22.2% so far today, WTI is experiencing its largest one-day gain on record (dating back to 1983). The next closest largest one-day gain was in December 2008 when crude rallied 17.8%. While today's gain is impressive, keep in mind that it followed yesterday's decline of 24.4% which ranks as the third-largest one-day decline on record and last week's 24.6% decline on March 9th. In fact, three of the four largest one-day percentage moves in WTI have all come in the last two weeks! While a big gain in any asset class always leads to questions over whether it is the start of a new run higher, we would caution that following the prior nine largest one-day gains on record, crude oil's median change over the next week was a decline of 4.4%. Russell 2000's Third Largest Drawdown on Record Thu, Mar 19, 2020 While US large cap stocks are right around 30% from their record highs a month ago, the carnage in small caps has been even more severe. While the Russell 2000 never quite made a new high this year along with the broader market, it got pretty close. Like the rest of the market, though, it has been crushed. As of yesterday's close, the Russell 2000 was 43.1% below its all-time high which ranks as the third-largest decline from a record high. The only two periods where the Russell saw a larger decline were in October 2002 when the drawdown reached 46.1% and then in March 2009 when the selling finally stopped at 59.9% on March 9, 2009. Now, if the Russell 2000 were to match either of those prior two periods in terms of magnitude, it would have to fall an additional 4.3% to match the decline of October 2002 or 28.9% to match the decline of March 2009. The Buck's Bounce Wed, Mar 18, 2020 In the currency space, the US dollar has certainly not been immune from recent market volatility. The dollar index peaked on February 20th, just one day after the S&P 500 had reached its all time highs. That was the dollar's highest level since April of 2017. Over the following days, the dollar would go on to fall roughly 5% to its low on March 9th. In the time since then, it has more than recovered those losses, rising over 6% and is once again back up to its highest levels since 2017. This string of volatility for the greenback is rare. As of today, the dollar is up 4.26% over the past ten days. But just back on the ninth (the recent low) it had been lower by 4.12% over the prior ten days. The last time that there was both a 10-day change up and down of at least 4% in the span of just ten days was back in October of 2008. Going back through the index's history since the early 1970s, there have been a total of 15 days (including that 2008 and current instances) in which such swings can be observed; shown by the red dots in the chart below. Prior to 2008, the only other times the dollar was as volatile by this measure was in the 1980s and late 1970s. So with regards to more recent history, it is even more unprecedented. In terms of daily changes, the dollar has also been very volatile. Over the past ten days, the currency has averaged a daily change (positive or negative) of just over 1% which is rare going back through history. Again this is the most volatile the dollar has been since the financial crisis, though at that time, the daily swings were larger on average; reaching 1.35% at the high. Prior to 2008, the only other times the average daily change was over 1% was in the early 1990s, mid-1980s, and late 1970s. As with 2008, those past times were slightly more volatile than the current moment. Volume Surge Wed, Mar 18, 2020 Given the massive swings across assets, it should come as no surprise that volumes have been elevated. For the S&P 500 ETF (SPY), over 3.25 billion shares have already exchanged hands in March through yesterday's close. That is the highest monthly volume for SPY since January of 2016, and keep in mind, we still have two weeks left in the month! Considering that does not fully capture the Covid-19 saga which began to affect markets about a month ago now, we also looked at volumes over the last 20 days. The volume of SPY traded in that time frame totals 4.7 billion shares. As shown below, that is the highest volume since November of 2011. One interesting thing to note, while volumes are certainly elevated, they still are not even close to levels in the years leading up, during, and shortly after the financial crisis. While the number of shares trading hands has not eclipsed financial crisis highs, volumes in dollar terms have. As of yesterday's close, volumes reached a record of $1.4 trillion over the past 20 trading days. The only other time that the dollar volume of SPY was over $1 trillion was briefly in 2008. Start a two-week free trial to Bespoke Institutional to access our full range of research and interactive tools. Claims Spike Thu, Mar 19, 2020 As could be expected and as we have been warning this week (see here and here), shutdowns aimed to thwart the spread of the coronavirus have begun to impact weekly jobless claims. Claims exploded higher by 70K to 281K this week. That is the largest weekly increase in the seasonally adjusted number since November of 2012 when they had risen 81K. Going all the way back to the beginning of the data in 1967, there have only been 13 total times (including the two aforementioned instances) that jobless claims have risen by 70K or more in a single week. The largest of these was a 172K spike in July of 1992. While this week's increase may have been large, just wait for next week's explosion. With the massive surge in claims this week, the indicator now sits at its highest level since the spike up to 299K in September 2017. Other than that, the last time claims consistently came in around these levels was back in mid-2015. Given the fact that shutdowns across the country have ramped up over the past week, claims are likely to continue to experience large moves, and it is likely that we will see this number rise even further in the coming weeks. The moving average has also risen but is not yet at as notable of levels as the seasonally adjusted number. Now at 231.5K, the moving average is only at its highest level since the final week of 2019 when it was 233.5K. But the 16.5K increase versus last week is the largest spike in one week since October of 2013 when the moving average rose by 17K. Additionally, of all weeks since 2000, it is the 14th largest week over week increase. The non-seasonally adjusted number rose by 50.5K this week to 250.9K. For the current week of the year (12th week), that is the highest level since 2015 when it was 260.2K.
Here are the current major indices pullback/correction levels from ATHs as of week ending 3.20.20- Here are the current major indices rally levels from correction low as of week ending 3.20.20- Here is also the pullback/correction levels from current prices- ...and here are the rally levels from current prices-
Stock Market Analysis Video for March 20th, 2020 Video from AlphaTrends Brian Shannon ShadowTrader Video Weekly 3.23.20 Video from ShadowTrader Peter Reznicek
Stockaholics come join us on our stock market competitions for this upcoming trading week ahead!- ======================================================================================================== Stockaholics Daily Stock Pick Challenge & SPX Sentiment Poll for Monday (3/23) <-- click there to cast your daily market vote and stock pick! Stockaholics Weekly Stock Picking Contest & SPX Sentiment Poll (3/23-3/27) <-- click there to cast your weekly market vote and stock picks! ======================================================================================================== It would be pretty sweet to see some of you join us and participate on these! I hope you all have a fantastic weekend ahead!
Here is a look at this upcoming week's Global Economic & Policy Calendar- (GLOBAL ECONOMIC AND POLICY CALENDAR NOT YET POSTED!)
Here are the most anticipated Earnings Releases for this upcoming trading week ahead. ***Check mark next to the stock symbols denotes confirmed earnings release date & time*** Monday 3.23.20 Before Market Open: Spoiler: CLICK HERE TO VIEW MONDAY'S AM EARNINGS TIMES & ESTIMATES! Monday 3.23.20 After Market Close: Spoiler: CLICK HERE TO VIEW MONDAY'S PM EARNINGS TIMES & ESTIMATES! Tuesday 3.24.20 Before Market Open: Spoiler: CLICK HERE TO VIEW TUESDAY'S AM EARNINGS TIMES & ESTIMATES! Tuesday 3.24.20 After Market Close: Spoiler: CLICK HERE TO VIEW TUESDAY'S PM EARNINGS TIMES & ESTIMATES! Wednesday 3.25.20 Before Market Open: Spoiler: CLICK HERE TO VIEW WEDNESDAY'S AM EARNINGS TIMES & ESTIMATES! Wednesday 3.25.20 After Market Close: Spoiler: CLICK HERE TO VIEW WEDNESDAY'S PM EARNINGS TIMES & ESTIMATES! Thursday 3.26.20 Before Market Open: Spoiler: CLICK HERE TO VIEW THURSDAY'S AM EARNINGS TIMES & ESTIMATES! Thursday 3.26.20 After Market Close: Spoiler: CLICK HERE TO VIEW THURSDAY'S PM EARNINGS TIMES & ESTIMATES! Friday 3.27.20 Before Market Open: Spoiler: CLICK HERE TO VIEW FRIDAY'S AM EARNINGS TIMES & ESTIMATES! Friday 3.27.20 After Market Close: Spoiler: CLICK HERE TO VIEW FRIDAY'S PM EARNINGS TIMES & ESTIMATES! NONE.
And finally here is the most anticipated earnings calendar for this upcoming trading week ahead- ($MU $LULU $NKE $PAYS $SIG $PAYX $GME $ONTX $CSIQ $JT $INFO $GO $WGO $LX $SCVL $SNX $HOME $BWAY $AEYE $KBH $RKDA $FDS $ERJ $PRGS $OPGN $SCS $NEOG $PUMP $HYRE $AIR $MYOS $LIQT $SAIC $SCWX $ESLT $VTSI $OCGN $QIWI $WOR $TNP $HTHT) If you guys want to view the full earnings post please see this thread here- Most Anticipated Earnings Releases for the week beginning March 23rd, 2020 <-- click there to view!
just a shameless plug in here for those of y'all who don't venture outside of this section of the forums much. i got a couple of polls open that i will closing down in a couple of days (probably after this weekend). it would be awesome to get some more votes from you guys on these polls. What do you think will be the max. drawdown for this bear market? <-- click there to vote! What shaped recovery will this end up turning out to be? <-- click there to vote! How low do you see Crude Oil going in 2020? <-- click there to vote! and finally, in case any of you missed this from the other day, i thought y'alls should know that i've created maybe my most advanced market spreadsheet yet lol. this is an indices tracking spreadsheet that i made by request from a few members of the r/stockmarket subreddit community. would love for you all to check it out and let me know what y'alls think. BigBear0083's All-in-one U.S. Stock Market Indices Tracking Spreadsheet <-- click there to view! have a great weekend everyone!
I think one more down week before we sort of bottom out. I have been watching gas prices this week an I am concerned how priced have only really dropped about $.05 in the past 2 weeks. Gas stations straight up gouging on prices here it appears. It's $1.95 here locally for 87. I would expect more around $1.00 by this time yet. IS this a time to invest long term for gasoline suppliers? Nat gas hasn't seen this price since 1999. I this a good time to invest in long term Nat Gas etfs? Crude 2002. Is this a time to invest in WTI bull etfs for long term? Rice has been doing surprisingly good! I have many asian friends and their food markets have been empty on rice shipments for a week now and warehouses are empty, no shipments from asia. I there even a Rice etf?
Saudis and Russians found a good time to fake advantage of Coronavirus situation to take out US shale companies. Expect quite a few bankruptcies these couple of months
Hopefully we will find a bottom here around 2000-2100 pts, otherwise better fasten seat belts. DAX also falling 400 pts same way as SPX. Another red week in perspective.
Coronavirus stimulus bill fails in key Senate procedural vote we already hit limit down, starting to recover slightly
