Above is the prediction I made 2 days ago. Yesterday, it fell apart because of Congress – not the virus. Congress was squabbling over the stimulus bill to keep the country's people employed.
In a last minute 1200 page bill, it appears that the Democrat Congresspeople jammed in “pet projects” like GREEN NEW DEAL items on airplane emissions, last minute voter registration, union collective bargaining language, and windmills and solar panel funding. All one can say (if accurate) is WHAT THE F*#k? This is not the time to play partisan politics. Obviously, I didn't read the 1,120 page bill. I don't know if anyone did. I am going off of what the media is reporting, and what Republican politicians are saying obstructed the vote as Dems would not remove it from the bill.
Apparently, we need windmills to cure the coronavirus and get 50 million American service industry workers back to the job.
It was the collapse of this bill that caused the market to fall. At the close, the MINIS were down over -113 points, until a last minute hope that maybe something can be passed the next day allowed the market to bounce.
The Dow closed down -582.05, the SPX closed down -67.52. AAPL was down -4.87 (224.37).
COINCIDENCE: The market is now down from the highs about the same as it fell during the Spanish Flu. The difference now is that we will find a cure and the Fed is pouring money into the economy with a fire hose. Be careful of being short deltas when this bounces.
I said at the start of the year that I don't think we will be up much this year, but we will have a lot of volatility. Maybe I will be right?