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.

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.

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