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I’ve been trading for a third of a century, but until this month, I had never experienced a market halt in my life. I think this month with got all manner of circuit-breaker events (limit up, limit down, and market halts). A moment of silence as we commemorate this momentous occasion……..
I will also express astonishment………..jaw-dropping, mouth agape astonishment………….that the $1.5 trillion the ECB just hurled at the market has been received with a giant “so what?” and the ES and NQ are once again in an unrestrained free-fall.
The era of central banker dictatorship IS OVER. It’s a shame Yellen and Bernanke won’t be held to account for their sins. At least not in this world.
We’ve had about 18 months of trading activity compressed into a month. It was precisely thirty days ago that the market was at its highest level in human history. As of today, the Russell 2000 was at the same level it was in the year 2014. Six years of gains destroyed in thirty days. Amazing.
I started to wonder: “When did Slopers start to sit up and take notice about this virus?” It’s a little difficult. See, the past ten years, there have probably been twenty to thirty “big deals’ (especially if you read ZH) that turned out to be absolutely nothing. So I suspect when people started talking about this strange new disease from China, a lot of us gave it scant attention.
I poked around a little bit, and it looks like the first reference to “corona” was back on January 21st:
I am known for my clever post titles (at least to myself). This particular one has a meaning which depends on what the market does from here on out. If we go ripping higher from here, we can applaud my ingenious chart-based clairvoyance. If we continue to plunge, I’ll deny any equity-oriented assertion, and state that I simply believe the fetishazation of posteriors is prevalent, and for reasons I cannot fully understand, the bottom is “in”. Dig me, Daddy-O?
Having provided myself an Exit door, I will say the following: