Monday 9 March 2020

Monday Market Massacre

US equity indexes closed severely lower, sp -225pts (7.6%) at 2746. Nasdaq comp' -7.3%. Dow -7.8%. The Transports settled -9.7%. Near term outlook offers a s/t capitulation low in the sp'2500s.




US equities opened severely lower, with the circuit breakers kicking in at 9.34am, with the spx -208pts (7.0%) at 2764.

Turn those machines back ON!

This morning was the most appropriate time we've ever had for the following clip from the wondrous movie 'Trading Places'...

After further complaints about Biden/Obama, Trump noted...

The US President's point that lower gasoline/fuel prices are good for the consumer, is indeed correct, but the point is moot, if the consumer is under a Corona lockdown.

The afternoon saw significant chop, with no doubt, some significant number of 'margin calls'.

Volatility printed 62.12, the highest since Dec'2008, settling +29.8% at 54.46. Near term outlook offers the sp'2500s, which would make for a natural area for the market to punch in a s/t hyper spike floor.


We now have six countries with secondary outbreak case numbers >1000. It should be clear... this is just the early stage. How long until global cases >1M, April, May, or a little beyond?

Extra charts in AH (usually around 5pm EST) @

Goodnight from London
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