LMAO sorry to be a whore but can't resist the self-quote, which was admittedly partly in jest. However, if you didn't already stock up on N95 masks or better, you may be too late. Not sure since I've been permabsent for a while if anyone talked about that nasty monthly candle from January, can't remember seeing such an ominous shooting star on the weekly before. Now check the daily chart (applies to all major indices) and note the big gap down Monday just below the ATHs. What a recipe. This is a long term setup, most likely. Now look at the daily and today is brewing up a potential long-legged, wide bodies doji. IDK about you guys but that scares the piss out of me, makes me think today might end up being the halfway point of this move. There's a TON of volume to chew through to get through 2019 H2 price action, then S&P 2750 below that, which is where I think this move is targeting, at least. If it isn't there, there's a ton of air below. I got all my accounts wet sealed right now. Told my parents to take everything out over the weekend, was perhaps a few days late with the warning. Remember rule#1 when dealing with things we've never seen, stay safe.
Fisher from the Fed triggered the 2 pm pants wetting with his proclamation that Fed easing is pointless in a climate where easing is maxed out already and not having the intended effect. If a junkie is high as heck, so much so they can't even stick themselves for hours, why give them more heroin? EDIT: Also could be Japan making it official that schools are closing through their spring break i.e. into April.
OK I don’t think we have seen the bottom, but still couldn’t resist to do a little bit of buying. Mostly big cap stocks with dividend though. Bought CL, LMT, UPS, and JPM, etc
not nearly as significant as was in the past, but it is worth nothing that on a pure "point" basis -1,075 was the largest single day point drop on the DJ30 in history back on feb. 5th 2108 ... looks like we could challenge that
Yep, when these severe drops happen, as bad as Day 1 always is, most folks think Days 2 and beyond can't get any worse. ....until it does. You don't lose 50% of market value (like in 2008-09) in the 1st day.
The best case scenario obviously would be there is no outbreak in the US and no US city has to close down offices and schools like they do in China. It is kinda hard for the market to bottom when there is a pretty good chance that the worse is yet to come for the coronavirus
Don't draw on any references from the past to tell you what to do. Nobody trading today has seen something like this before. In an analogue to 1929, looks like the biggest difference right now is that we have yet to give a bounce the old college try. From ZH:
