I have never ever seen anything like yesterday’s action. For 10 years, the stock market has been rising on the coattails of SHARE BUYBACKS. For a full decade, this bullshit economic recovery has been presented to the public as smart and sustainable.
For a full decade, we had Bernanke, Yellen, Powell and all of these foolish clowns cite their data, derived from Keynesian theories about government stimuli, but at the first instance of REAL trouble, the entire experiment melts down like butter on a hot pan.
It started with the oil market. In its WORST day ever, the price fell so much that there was no escaping what happened next.
For one, the VIX shot up like a rocket to levels that make no bloody sense, unless a RESET is coming.
The amount of fear in the markets reminds me of the Greek Default Crisis and the 2008 days – it also reminds me of the types of conditions that exist in war zones.
We are undergoing a unique moment in history. In 2000, the tech sector collapsed, because it was up on air. In 2008, the banking system stalled, since it was loaded with toxic loans and derivatives. In 2018, the market collapsed in December by 20%, since the FED suddenly wanted to be a hero and hike interest rates. Here, we have a real GLOBAL issue, which is DECAPITATING all aspects of our daily lives.
Italy has just put the entire country under quarantine. That’s the mother of all ESCALATIONS.
Yesterday’s Dow Jones downward move happens once every 30 years!
In the next few days, we are either going to see a dramatic 100% change, where leaders from all across the globe coordinate a package of epic proportions to aid in the fight to keep businesses afloat, or this thing unravels and sends a wave of defaults from here to the moon.
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The problem is that we have no idea what policy-makers are even thinking. Not in a million years would I have assumed that Italy, a country that relies on tourism, would close its borders completely.
That shows you that ANYTHING can happen next.
The airlines will need a bailout. The hotels will as well. The gaming industry will be in crisis. The energy sector might not only IMPLODE, but drive itself off a cliff.
The banking sector is getting creamed. Industrial companies will need assistance. I mean, this is far-reaching and yesterday over 17 billion SHARES traded hands, a record number.
I don’t know that we’ll ever see fear manifested at these extremes again.
If you were able to keep your composure today, nothing will ever shake your confidence in your skills.
Coronavirus is truly a mysterious tale of an outbreak that has PARALYZED the entire planet. Literally, it has a chokehold on everyone’s lives.
Events have been cancelled, flights banned, schools closed, workers sent home, markets not functioning, and entire regions quarantined. The potential for additional issues, even a 40% move down, erasing all of the Trump era profits, is POSSIBLE.
Trump’s presidency is hanging in the balance.
In Europe, the bear market is official. What a catastrophe of biblical proportions!
The yield on government bonds is a BEAST the world has never encountered before.
The world’s most important asset, the one that everything else is judged against, the 10yr Treasury, now pays a 0.31% coupon.
Consequently, we live in a world where governments have WAY too much power.
I am anticipating some of the most drastic measures ever taken to come soon.
The world’s economic system could be on the verge of toppling down.
Research Partner, PortfolioWealthGlobal.com
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