On a day of panic and shock in global markets, here is a stunning look at today’s epic carnage.
March 9 (King World News) – Holger Zschaepitz: “Dow sinks more >2,000 points in worst day since 2008. S&P 500 tripped 7% circuit breaker in early trading as investors react to ~30% decline in oil, concerns that such a drop may pressure credit markets, driving 10y US yields down to <0.50%, & ongoing uncertainty around coronavirus. (See below).
Dow Plunges 8% Or More Than 2,000!
King World News note:
The Fear & Greed Index Just Hit 3! (See below).
Cover To Cut Rates And Ramp QE
Peter Schiff: “The collapse in oil prices will provide cover for the Fed to cut rates to zero and ramp up QE, as it can claim it’s necessary to fight declining inflation expectations. But when the dollar cracks, and oil and consumer prices surge, the Fed will be unable to reverse the policy.”
What Did The Cab Driver Say?
Teddy Vallée: “Sentiment: cab driver just told me it’s going to be worse than 08.”
Gold May Be Declared The Winner
Fred Hickey: “And…. they’re off. Unfortunately, most are running in the wrong direction – except gold. Race may be halted soon and gold declared the winner.”
Another Gold Catalyst Unleashed
Fred Hickey: “Including deferral of taxes.” So it begins – the further ramp up in the federal budget deficit. These actions may be called for, but the problem is US govt. was spending up a storm BEFORE this crisis. Remember, gold & US budget deficits highly correlated.”
Sven Henrich: “Always blame the trigger. Never blame the excess leading up to the bust. Right.”
Only Time In History
SentimenTrader: “This is the only day in the history of S&P 500 futures that they gapped down more than -5% and didn’t close above the open. Fun times.”
Largest Daily Decline Ever
Charlie Bilello: “S&P 500 energy sector ETF was down over 20% today, its largest daily decline ever (inception: Dec 1998). 30-period RSI is down to 20, most oversold level ever. (See below).
Largest Decline In History For XLE Energy ETF
Dear Millennials, A Dow Odyssey And Gold
Eric Pomboy: “Dear Millennial fund managers: welcome to price discovery. -2,023 A Dow Odyssey. Gold should be up $200.”
***To listen to one of the most important interviews of this year with David Stockman discussing the wild swings in stocks, bonds, and gold (Stockman is very bullish on gold), as well as what investors should be doing right now and more CLICK HERE OR ON THE IMAGE BELOW.
Chart Of The Day
ALSO RELEASED: Chart of The Day For Gold Bulls, Plus CARNAGE: Bloodbath In The Oil Patch CLICK HERE TO READ.
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