Wall Street’s hemorrhaging slowed a little today. The NASDAQ was up, well really it was “flat” but we all needs some good news.
There are some encouraging developments-
- S&P500 was under pressure from weekend Hedge Fund selling. All things considered, it had a “relatively” strong close at the top of its daily range and 3.2% above the low.
- Safe Haven asset classes were all down today,
Silver was especially hard hit, down 5.95%.
- Gold & Silver peaked on 2/24/20
- Bitcoin peaked on 2/11/20
- 10 Yr Treasury hit an all time record low of 1.12%, almost ensuring the FED will cut rates SOON.
Because of today’s extreme price action, volatility was excessive at 49.48 intraday. Last time the VIX was this high was during the 2011 Crash, when US Government debt was downgraded to AA+. (see chart)
FYI- Readers have asked how I maintain my composure and sense of humor during market meltdowns…see my latest YouTube video: https://youtu.be/KKMWf2uEoJM