Posted on 03/09/2020 6:40:04 AM PDT by BenLurkin
U.S. equity markets were halted Monday morning after the S&P 500 dropped 7 percent, as an oil price war between Saudi Arabia and Russia sent crude prices crashing.
The Dow Jones Industrial Average was lower by more than 1,800 points, or 7 percent, in the opening minutes of trading while the S&P 500 and Nasdaq Composite were down 7 percent and 6.86 percent, respectively. Trading will resume following a 15-minute halt.
The steep slide caused the New York Federal Reserve to increase its daily cash injections into the banking system to $150 billion from $100 billion.
(Excerpt) Read more at foxbusiness.com ...
The trade war comes home to roost.
Kevin Madden
@KevinMaddenDC
·
2m
Market circuit breakers triggered. Stock trading halted.
And for the ridiculous crowd last night that told me there would be no massive margin calls...you are going to see what margin calls look like
Cheap gas!
Don’t sell your stocks, though. You’ll get ripped off.
“you are going to see what margin calls look like”
Oh, yeah. Don’t borrow to buy stocks. Too late?
This is the day when everybody starts to face reality.
A former Goldman Sachs guy I follow told older people to get out of everything
Will Meade
@realwillmeade
· Mar 2
Lastly told all family and friends who are retired or over 65 to go to 100% cash last week. Selling everything from equity funds to bond funds.
The cheap gas will definitely help growth rebound, in a few months. In the mean time, it will be the decimation of US drilling/shale.
Just came off a little double top and crossed the moving average heading down.
https://www.marketwatch.com/investing/index/spx/charts
Never thought a big cap stock could go to zero until seeing it happen to Washington Mutual. Ouch.
I think it’s safe to say the froth is out of the market.
Sure. So they can scoop up their equities at a bargain and ride them back up later on. Lot of elderly folks will fall for it.
Silver is down almost half a buck.
Time to buy more.
L
It will be interesting to see what Funds and Market Makers etc get blown up in this massacre
Retirement Funds who did not choose wisely may be in for a world of hurt
“as an oil price war between Saudi Arabia and Russia sent crude prices crashing.”
Can they both lose?
L
Indeed. 150 cases last Thursday. 566 as of this morning. I'd expect numbers in the thousands by weeks end with many schools closing and events being canceled.
Fall for it??? He was right.
And yes, he got them in cash so they can get back in. He has been warning about this for days
Smart money now out while plunge protection last week let them yank it faster without it being so obvious.
Every sector takes a 10% hit now and then. I've had to.
Do you have an over/under on how many will be bankrupt by the end of today or end of the week due to margin calls coming in?
If they got out early and get back in at the right time, fine.
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