The market is putting up an admirable fight, in part to growing optimism of some kind of federal interventional.  Although, at this point, it seems like it would be targeted for the industries most impacted by the coronavirus.

White House economic adviser Larry Kudlow, telling Stuart Varney on Fox Business, such action would be “timely and targeted” to help workers, firms and industries hurt by the coronavirus.  The news has put a bid in for airline stocks, and the JETS ETF is up 1.7% for the session but down 31.5% for 2020.

JETS components

• Southwest Airlines Co  (LUV) 13.08%
• Delta Air Lines   (DAL) 12.73%
• United Airlines Holdings (UAL) 11.05%
• American Airlines Group (AAL) 10.95%
• JetBlue Airways Corp (JBLU) 4.32%
• Allegiant Travel Co (ALGT) 4.08%
• Alaska Air Group (ALK) 3.89%
• Spirit Airlines (SAVE) 3.87%
• SkyWest (SKYW) 3.72%
• Air Transport Services Group (ATSG) 3.09%

Stocks came into the session looking to go lower, and perhaps even test last Friday’s low, which would mean an ugly selloff into the close.  I’ve written many times, there is a ton of money on the sidelines, that would enter the market if it were to test the lows and hold.

Right now, individual stocks are breaking down, as they take out key downside support points, triggering additional downside pressure. 

This morning’s jobs report was ignored as old news, but the momentum from that report underscores an economy that can handle a short-term crisis.  My concern continues to be more about general panic. 

So stay calm, cool and enjoy the weekend. .