US equities opened severely lower, and despite a few bounce attempts, the market completely unravelled into the afternoon, effectively in crash mode, not least within the transportation stocks, many of which were -20 to -40%.
RE: a shutdown. I expect a US shutdown of 2-3 weeks, a full month would be better. The UK could be expected to enact a lockdown before the US.
The CNBC interview...
The afternoon saw the 7% circuit breakers kick in, with price spiraling to outright crash-scale declines, with a 2pm hour low of 2280, swinging to 2409, and settling -131pts (5.2%) at 2389.
Volatility printed a new multi-decade high of 85.47, the VIX settling +0.7% at 76.45. Technically, next major support is not until the summer 2015 high of the 2134s.
Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk
Goodnight from London
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