Posted on 03/08/2020 8:12:46 PM PDT by david1292
Sharp declines in U.S. stock index futures triggered trading curbs meant to slow panicked markets as the price of oil fell by more than 30 percent and bond yields crashed amid heightened worries over the coronavirus.
E-mini futures on the S&P 500 dropped by 5 percent in overnight trading Sunday, triggering automatic trading curbs that kick-in when the price falls below 5 percent of the closing price of the referenced index Friday. As a result, the futures contract cannot trade at a lower price until the cash market opens at 9:30 a.m., although trades may still be made at higher prices.
The last time futures trading hit the overnight limit was election night of 2016, when markets initially sold off following the news that Donald Trump had won the election. That selling pressure quickly subsided and the major indexes closed up by around 1 percent or so the following day.
The E-mini is an electronically traded futures contract based on the underlying S&P 500 index. The contracts are around one-fifth the size of the standard S&P futures contracts, earning them the monicker “mini.” They are considered highly liquid and are widely traded but they have, in a few past episodes, been prone to so-called “flash crashes.”
Futures for the Dow Jones Industrial Average and the Nasdaq Composite remain above the level that would trigger curbs in those contracts.
(Excerpt) Read more at breitbart.com ...
Great narrative, Bro
Yep. Can you imagine if nightly news reported flu death figures constantly and ran nightly tallies? This is ridiculous.
You told them!!
Yes indeed. In a strong economy, the money will just shift in its flow of sectors until the weak sectors rebound. Stocks on sale for awhile.
Ditto.
This may be a little more severe than retracing the previous bottom, but market opens and closes can be worlds away.
Real estate sounds like a good place to invest.
Being self-interested is pretty important.
It is the bedrock of capitalism and survivalist. I will try to temper it with common courtesy but your doctor can go pound sand and hopefully he will be fearful enough to protect himself from this virus.
The market didn’t crash in 1918 due to the Spanish Flu. ;-)
”That drop in 2016 was clearly some kind of manipulation. Soros is the obvious suspect. Could something similar be happening now?”
No, this is very different. The already existing fears of the virus and supply chain issues was broadsided by the News of a Saudi Coup attempt, and the Saudi-Russian oil war.
The Algos are going nuts, they have no good headlines to process, so the machines are screaming “SELL!”
Rational thought is not allowed in FR panic threads.
Having said that, unfortunately there isn't much we can do from our lofty internet perches to stop the market panic.
I don’t mind falling oil prices. I just worry that this is an indicator of a drastically slowing economy. No doubt there is a price war but keep in mind we produce and export plenty of oil as well. There are two sides of the sword. This will be an interesting morning. Maybe historic.
Diesel is WAY safer to store than gasoline.
Though I do store some gas for the snow Blower and the lawnmower. <5 gal each. The blower claims it needs 87
Octane, the Lawnmower 85.
And of course I don’t buy any gasoline with alcohol in it....
Saudi Crown Prince MbS has seized control. There are rumors that the King is near death with the Wuhan virus. It's a different game now.
All due to fabricated fear.
14 people just died in one nursing home and 70 out of 180 are sick - all still have not been tested.
This is not the flu. One or two might have died from the flu, not 14. This is bad.
Why are you so vested in high oil prices?
I had planned to and my wife, who thinks I'm a dummy, called her brothers buddy who is a financial planner who told her "stay the course, it's a buying opportunity" so she nagged me to stay in.
She's right, I am a dummy. But it's her fault.
Pretty much any of them leveraged to the hilt drilling shales... you’ll see a lot of pump jacks get turned off too, sub $50-60 oil puts a lot of them offline from an ROI standpoint.
This is gonna suck, but we’re gonna come out the other side a lot more nationally self reliant and competitive.
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