Afternoon Note
We’ve seen today’s script a few times during this rout, where the market stops trading when the circuit breakers kick in. Then, the market moves lower after trading resumes, taking major indices to lows of the session before finding its footing and attempting to rally back. When the rally attempt stalls, major indices begin to drift lower. Once the market begins to drift, additional selling is triggered, and soon, stocks gain momentum to the downside.
You can feel that happening here, but the difference is the White House is speaking at 3:30, and one of the topics is expected to be a bailout of the airline industry. I get Mnuchin & Co are loathed to call it a “bailout,” but that’s exactly what it would be, and that’s exactly what Wall Street wants to hear. But the administration must step it up with its own bazooka and push for greater help for the more vulnerable workers and businesses in the economy.
Meanwhile, all sectors are under similar pressure, save the banks, which look horrible. That makes everyone uncomfortable, especially after hearing how strong their balance sheets are.
S&P 500 Index |
-8.22% |
Communication Services (XLC) |
-8.03% |
Consumer Discretionary (XLY) |
-9.26% |
Consumer Staples (XLP) |
-3.60% |
Energy (XLE) |
-9.54% |
Financials (XLF) |
-10.63% |
Health Care (XLV) |
-6.04% |
Industrials (XLI) |
-7.93% |
Materials (XLB) |
-9.50% |
Real Estate (XLRE) |
-10.17% |
Technology (XLK) |
-9.21% |
Utilities (XLU) |
-7.44% |
I suspect we could get a 1,200 point move in the Dow in the final hour of trading if the White House doesn’t wow the street.
We made several adjust to our Portfolio Approach. If you have any questions, contact your account representative or email research@wstreet.com.
Comments |
I wonder who took the market down ? Could it be the banks? Next question who made money today? Could it be the banks? Who benefits from the rate cut? Could it be the banks? Who does the Federal Reserve work for ? Could it be the banks? I believe we all know the ANSWER !! The BANKS.. JZ on 3/16/2020 4:40:14 PM |
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