Either he will call MBS in Saudi Arabia or he will call Mnuchin who in turn will call a certain Jerome....
All computer panic selling. The market hits bottom when the last small retail investor sells. Then there is no one left to sell. Market is healthy and I continue trading on the long side. Using strict risk mgmt rules as always and not risking more tha 2 percent of TLNW.
SPX at 2700 or so is 20% correction. That's pricing in a recession without hard numbers and based on fear. I will look to buy and play this dip. Man, it will be a crazy day.
Spy down 7% which is the first circuit breaker. . If it opens there or below is there an automatic halt?
$SPY is $276 pre-market. 7%. 15 minutes halts all day? Trump is busy Tweeting about Obama. Wtf. I think he's got something up his sleeve. We may not have a vaccine, but he's gonna announce some kind of fiscal plan to keep the markets up. Maybe some tax rebate or something? I dunno, but I have a feeling he's gonna say something today that will induce a huge spike. His Obama Tweet is just his slight of hand in 3 card monty. We'll see.
Don't be in too much of a hurry to buy. If the Fed comes out with a $2 trillion ETF buying program starting immediately then that's one thing, but otherwise there are tons of big players who got totally nuked over the weekend, a long and growing list of now-worthless debt securities to digest, and tens of billions riding on quant strategies which just had their models totally vaporized.
I mean really? This is what's on his mind this morning? Oil at a 30 year low, circuit breakers getting ready to pop like Orville Redenbacher, Corona cases doubling daily... No way... he's gonna announce something big.