If you aren’t already sick—if you’ve stayed off the subways, buses, airplanes and trains; if you hoarded frozen pizzas and toilet paper and buckets of macaroni-and-cheese from Costco before anyone had ever heard; if you’re keeping your doors and windows locked and your children and other loved ones at a safe distance at all times, or, better yet, sent them to their own quarantines with the aforementioned supplies to fend for themselves for a few weeks/months/years—this market may yet get you. Down and up and up and down and up (all in the same day) and down and down and then down some more today, it’s enough to trigger some non-coronavirus-triggered gastrointestinal stress. Add in a (possibly unwise) rate cut, a major central bank without room to make an unwise rate cut, the prospect of 70% of Germans with the sniffles, the death of the decade-long bull market from acute sniffles, a thirsty Kyle Bass and people just generally losing their minds, and things are pretty grim.

But there’s some good news: You don’t need to spend six-and-a-half hours worrying about the market in addition to whether you heard a sneeze from three floors up. Just a half hour will get you all the action you need.

The Dow Jones Industrial Average swung an average of about 250 points in the last 30 minutes of trading over the past five sessions—including Tuesday’s dramatic rally of roughly 400 points to end the day…. From the start of this year through Friday, about 23% of trading volume in the 3,000 largest stocks by market value has taken place after 3:30 p.m., according to data from Pragma LLC.

So pour yourself a slug of Kirkland bourbon, wash down a few Airbornes, turn on Fox News and focus on what’s really important: Whether you’ve been in the general vicinity of New Rochelle recently.

The 30 Minutes That Can Make or Break the Trading Day [WSJ]
U.S. Stocks Decline as Volatility Increases [WSJ]
U.K. Sends a Jolt of Economic Stimulus to Cushion Against the Coronavirus [WSJ]
Bank of England rate cut ‘a mistake and too soon,’ Jim O’Neill says [CNBC]
To Take On Coronavirus, B.O.E. Cut Rates. Europe’s Central Bank Has Fewer Options. [NYT]
U.S. Coronavirus Cases Top 1,000, as Merkel Says Up to 70% of Germans Could Get Infected [WSJ]
S&P 500 bull market will soon end: Goldman Sachs [Reuters]
Coronavirus: The ‘Cure’ Is Worse Than the Disease [Real Money]



First Hedge Fund Dies Of Coronavirus

If you’ve been in contact with Solus Alternative Asset Management’s flagship, please lock your door right away and swallow the key.

By Cristian Bortes from Cluj-Napoca, Romania (London - Queue at Bank of England) [CC BY 2.0], via Wikimedia Commons

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