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Morning Commentary

DC to the Rescue?

By Charles Payne, CEO & Principal Analyst
3/13/2020 9:43 AM

Yesterday, investors pulled the rip cord selling everything, including the most obvious stock winners for the next one, three, five and even ten years.  It didn’t matter, as selling rose to a crescendo.  There have been a few safe havens since the selloff began, but there was no place to hide yesterday.

Market Breadth was simply mind boggling, to the point its clear it was excessive.

Issues:

NYSE

NASDAQ

Advancing

76

183

Declining

2,990

3,220

Unchanged

3

20

Total

3,069

3,423

52 Week High

2

10

52 Week Low

2,377

2,097

Advancing

510.38M

489.52M

Declining

8.44B

4.67B

Unchanged

499,389

8.00M

Total

8.95B

5.17B

 

I’m working on a comprehensive report over the weekend on why this part of the selloff is part of a classic capitulation, so reach out to the research desk (research@wstreet.com) or your account representative if you are not a current subscriber to our Hotline service.

Today Session

It’s all about Washington, D.C., which is reportedly close to some kind of fiscal assistance, and it better be big.  On that note, there has been more central bank intervention around the world. There is a good chance that today the market could see the largest point gain in history, but be careful. The volatility is with us until we get a better handle on virus numbers.

Just know the market will turn much higher long before we get the actual treatment or vaccine.


Comments
R.I.P.USA! Cause of death - Greedy corrupt politicians who put their own political & financial gains above the welfare of their constituents!

Kris Lloyd, Sr. on 3/13/2020 9:52:07 AM
Charles, Thank you for being a voice of reason and calmness during troubled times...Much Appreciated

Joseph Bruno on 3/13/2020 11:03:35 AM
The naysayers and hysterical people especially the Libertards are fueling this crisis. The Spanish flu 1918 was far worse

Scott Havsy on 3/13/2020 11:35:06 AM
So with all of the "panic" driven volatility, is it not better to be a long term investor, buying in at these totally irrational levels of pricing? When do you buy: on bottoms; when do you sell on tops.

Timothy J Ward on 3/13/2020 1:36:10 PM
Thanks for your comments in this crazy time. Hope calm will kick in.

DAVE JOHNSON on 3/13/2020 3:29:24 PM
 

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