Payne's Perspective: April 20, 2020: Wall Street Barometer of Hope
The Global COVID-19 cases and deaths continue to roll up around the world, with many places seeing the absolute worst days and weeks of carnage since the pandemic began wrapping its tentacles around the world. Initially, the crisis was viewed mainly through a financial lens: the interruption of the global supply chain out of China.
As the virus grew, financial coverage became more about the market as a barometer for the well-being of society. And now, it’s affixed to all television screens from local news to national cable news, along with updated coronavirus statistics.
You know it sounds corny that the notion of the stock market stands as a proxy for the nation, even beyond a financial standpoint. However, the stock market has always reflected society, except for these days it goes deeper and serves as a barometer of hope.
The stock market hasn’t been reacting to economic data for the last couple of weeks. Instead, it’s been reacting to hope and a notion of closure sooner rather than later, which is something big-time Wall Street firms and analysts don’t know how to model.
Wall Street is Main Street more now than ever. While it was harrowing during the freefall, it’s encouraging today.
Investing Road Map During Coronavirus
So, when the bottom rapidly fell out of the stock market, it was like opening a trapdoor last month. The speed triggered an avalanche of fear beyond the investing community, and I had two goals for investors:
For many, I know that just trying to adhere to the first goal has been a challenge, having been through 1987, 2001, 2009, and all the other flash crashes and periods of rampant fear - but this time is different.
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