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INTO THE ABYSS
Stock markets dropped again yesterday. The Dow closed below 20k for the first time in five years as investors look to cash as the only safe haven in these dismal times.
The Dow ended up down 6.3% on the day, dropping 1.3k points, and the S&P once again triggered a circuit breaker which halted trading briefly... for the fourth time this month. Define "irrational market theory."
Typically a “safe haven” when stocks are dropping, oil and bonds were big losers too. Oil keeps heading lower as Saudi Arabia and Russia refuse to play nice and demand wanes as the entire human race "shelters in place" (read: Netflix and chills).
Even gold is having a sh*t time, as the price of the precious metal dropped 3.1% during the day.
Yesterday literally was the perfect market sh*storm. George Clooney couldn't have drawn it up better himself.
The bottom line...
So, what now?
Well, according to Bill Ackman, we burn this mother down! Ackman called for Trump to close the country for 30 days in order to halt the spread of the virus and get the economy on solid ground. Markets hate uncertainty, and the slow drip of closings and measures isn’t helping investors feel any better.
Sure, ripping the bandaid off is not an easy call to make, but at least it tells us where the bottom is at, which the Ack-man believes will (hopefully) send things on a path back to the promised land.
Dow Industrials Close Below 20000 [WSJ]
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