Featured Story
Just when you thought it was safe to buy any stock – selected at random via Scrabble letters – on any dip, with levered money you can’t afford to lose, COVID-19 reappears in size to steal the jam out of your donut.
Last Friday saw surges in COVID cases across many states and news that Apple would be re-closing stores in a handful of states. That sent stocks tumbling. Today – after a few days of exuberant dip-buying, those same states hitting new record highs (and more Apple store closures) sparked an even more impressive plunge (and was not helped by The IMF’s downbeat forecast for the global economy)…
- 0905ET California COVID-19 cases rise 3.9% or +7,149 to 190,222 (up from +5,019)
- 0938ET Texas reported a 7.3% rise in Covid-19 hospitalizations to 4,389 from 4,092 yesterday.
- 1033ET *FLORIDA COVID-19 CASES RISE 5.3% VS. PREVIOUS 7-DAY AVG. 3.7%
- 1130ET *HOUSTON-AREA INTENSIVE CARE UNITS ARE AT 97% OF CAPACITY: CITY
- 1140ET *NEW YORK, N.J. AND CONNECTICUT ORDER VISITORS TO QUARANTINE
- 1400ET *CALIFORNIA HOSPITALIZATIONS UP 29% IN 14 DAYS, NEWSOM SAYS
- 1440ET *APPLE TO RE-CLOSE 7 STORES IN HOUSTON, TX ON COVID-19 SPIKE
All building on one another to slam stocks lower (led by Small Caps) ending the 8-day win streak in Nasdaq (there was a late-day bounce on chatter of $1 trillion stimulus again but a $3bn MoC ruined that fun and games)…
And the result – a collapse below the Navarro lows, back To Friday’s lows…
As Virus fears surge to one-month highs…
Source: Bloomberg
The S&P fell back towards its 50DMA…
And the Dow failed once again to break above its 50DMA…
Momentum continued its rabid bounce back today – after perfectly reversing at unchanged for 2020…
Source: Bloomberg
The dollar was bid today…
Source: Bloomberg
Treasury yields tumbled 405bps at the long-end today…
Source: Bloomberg
Are stocks about to catch down to bond’s reality?
Source: Bloomberg
Or profits…
Source: Bloomberg
And while bonds saw safe-haven bids, bitcoin did not…
Source: Bloomberg
And gold was monkeyhammered too around the London Fix (after failing to break $1800)…
But note that gold’s tumble stalled at yesterday’s fix…
NEVER MISS THE NEWS THAT MATTERS MOST
ZEROHEDGE DIRECTLY TO YOUR INBOX
Receive a daily recap featuring a curated list of must-read stories.
Source: Bloomberg
Silver was hit harder. busting back below $18…
Oil prices tumbled as COVID (demand) and inventory/production (supply) concerns smacked WTI back to a $37 handle…
Finally, we wonder just how far stocks will fall this time?
Source: Bloomberg
And just how quickly The Fed will need to restart its money-printing malarkey…
Source: Bloomberg ZeroHedge
StevieRay Hansen
Editor, Bankster Crime
Don't Miss
Financial Storm Clouds Gather
Greed and a desire for riches are traps that bring ruin and destruction. “The love of money is a root of all kinds of evil,”…
Read More
Denninger: Economic & Civil Calamity Possible
The Bible makes an even stronger statement about the love of money. What we have discussed thus far simply describes the horizontal level of the…
Read More
These Are The Banks Where The Fed’s $1.4 Trillion In Reserves Are Parked, Big Trouble-Birth Pains
Over the past few days there has been much confusion over the repocalpyse that shook the overnight funding market, and just as much confusion over the definition…
Read More
Schiff: The Next Crash Will Bring Down The Fiat Money System
These same money changers were associated with others who engaged in shady business practices in the temple courts. Some sold sacrificial animals, overcharging people who did…
Read More