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Tomorrow could get pretty ugly
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wtg
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Limits on S&P futures were triggered a little while ago as the price dropped 5%. 10-year Treasury bond yields dropped to .5%.

https://www.bloomberg.com/news...bs-at-5?srnd=premium

And oil is tanking, too...

quote:
Oil prices crashed and U.S. equity futures plunged at the open Monday in Asia after crude producers launched a price war, an additional disruption to a global economy already struggling thanks to the coronavirus.

Among the tumultuous moves to kick off the week:

Crude plummeted more than 30% at one point, sliding the most since the Gulf War in 1991
Futures on the S&P 500 Index -- which face trading curbs if they move by 5% -- cratered as much as 4.6%
Norway’s krone slid to its weakest against the dollar since the 1980s. Mexico’s peso fell as much as 6%, to the weakest since the aftermath of border-wall advocate President Donald Trump taking office
Australian and New Zealand 10-year government bond yields hit fresh record lows
Australia’s benchmark stock index plunged the most since 2008
The yen soared to its strongest since 2016


https://www.bloomberg.com/news...ts-wrap?srnd=premium


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When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

 
Posts: 38223 | Location: Somewhere in the middle | Registered: 19 January 2010Reply With QuoteReport This Post
wtg
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And just for good measure, the North Koreans fired a couple of "unidentified projectiles" today.


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When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

 
Posts: 38223 | Location: Somewhere in the middle | Registered: 19 January 2010Reply With QuoteReport This Post
wtg
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On the plus side, you can probably get a great rate on a mortgage right now.

https://www.bloomberg.com/news...offers-bargain-loans


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When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

 
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Piano*Dad
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Yes, I'm in the process of doing some refinancing. Silver lining.

I'll just have to wait three years until my portfolio recovers ...
 
Posts: 12759 | Location: Williamsburg, VA | Registered: 19 July 2005Reply With QuoteReport This Post
Piano*Dad
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quote:
″$20 oil in 2020 is coming,” Ali Khedery, a former U.S. official in Iraq and onetime Middle East expert with Exxon, wrote on Twitter. “Huge geopolitical implications. Timely stimulus for net consumers. Catastrophic for failed/failing petro-kleptocracies Iraq, Iran, etc. — may prove existential 1-2 punch when paired with COVID19.”


Interesting times. This could lead to convulsions in many nations (Iran, Russia, other petro-kleptocracies).
 
Posts: 12759 | Location: Williamsburg, VA | Registered: 19 July 2005Reply With QuoteReport This Post
wtg
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German bund yields go negative, to -1%.


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When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

 
Posts: 38223 | Location: Somewhere in the middle | Registered: 19 January 2010Reply With QuoteReport This Post
wtg
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I'm guessing circuit breakers kick in today. SPDR S&P500 is down almost 8%.

Circuit breaker explanation here (scroll down the page for details):

https://www.nyse.com/markets/nyse/trading-info

edit: At the open, indices were generally down about 7%.

Occidental Petroleum down 40%; Exxon Mobil down 14%.


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When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

 
Posts: 38223 | Location: Somewhere in the middle | Registered: 19 January 2010Reply With QuoteReport This Post
wtg
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First circuit breaker just kicked in.


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When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

 
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pianojuggler
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I haven't looked at my 401(k) or IRA balances in over a month. I think I shall not now.


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Mikhailoh
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It's good to be aware. We have been keeping in touch and we just received a very large rollover check that we need to invest somewhere within 60 days. I'm hoping that we will be close enough to the bottom by then to buy in with it.

This is not like 2008-9 and I think will bounce back much faster. There's gold in them thar ills - if you survive.


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"A mob is a place where people go to get away from their conscience" Atticus Finch

 
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wtg
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pj - Good idea.

Things are stable for now, down a little over 5%.

Days like this remind me of Black Monday in October 1987. I was at the CME and went down to the trading floor just before the close. After the bell rang, I saw a lot of guys like this, just sitting on the steps with their heads in their hands.



Sobering. But we survived.


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When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

 
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Piano*Dad
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I remember 1987 quite well. But that was a crash without the fundamentals of this correction. That crash was one of those proverbial events where the stock market predicts nine of the last five recessions.
 
Posts: 12759 | Location: Williamsburg, VA | Registered: 19 July 2005Reply With QuoteReport This Post
wtg
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Yea, it's a different beast now. As someone noted this morning, both supply and demand sides are affected. Plus central banks have almost nowhere to go (witness the reaction to last week's Fed rate cut). Throw in the oil thing plus the uncertainty of coronovirus.

My "we survived" remark was probably a bit Monty Pythonesque:



https://www.youtube.com/watch?v=L2Wx230gYJw


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When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

 
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wtg
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The only thing that's up is the CBOE VIX.

Leaving


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When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

 
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wtg
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Heard him this morning. Worth hearing what he has to say:

https://www.cnbc.com/2020/03/0...-bottom-reached.html


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When the world wearies and society ceases to satisfy, there is always the garden - Minnie Aumônier

 
Posts: 38223 | Location: Somewhere in the middle | Registered: 19 January 2010Reply With QuoteReport This Post
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