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 ...
The precautions that people are taking for coronavirus work for flu, too. I predict the reduction in flu deaths will exceed the number of coronavirus deaths.
One time we agree. Maybe a 2 or 3% drop in GDP globally and a 25% drop in markets? Madness.
Someone will declare this as propaganda soon.
This is all nucking futs.
A lot of it evaporates. If there’s a million shares at $100/share and the tape prints a sale at $70/share and no one steps in to fill the gap the $30,000,000 valuation is just gone.
Remember, the aggregate valuation of the various options (“bets”) and on the mortgage market prior to the wipeout was about 20X the valuation of the underlying mortgages...
There you go being reasonable again.
Can’t have that. This is a global pandemic so act like it. /s
I’ve tried not to pay attention to this crap but it is hurting us all needlessly.
You are correct, it is political.
At this price it is almost 9%.
I’m selling under performers and buying RDS. Even XOM is over 7%. They will sell children, fire people, turn off lights and borrow money to keep the dividend paid until this storm passes.
Supposedly there is now no difference in the B vs. A shares of RDS.
Politdemic
If it crashes the industry in TX and flips it to the Rats, then yes, I’d lament that too.
China just closed, solidly lower, all the markets I saw...
Perhaps this is contagion from the Lebanon default - aka ‘the first domino’.
You could tell her that she and the adviser owe you a lot of money, but somehow, I don’t think she would take it well.
[Human sacrifice! Dogs and cats living together! Mass hysteria!]
A Twinkie about 35 feet long.
Agreed, this is a concerted effort to thwart the American peoples chose in November. We must hold stedfast
This is orchestrated by the globalist crime syndicate, they gave china their blessing
What Deep State has yet to figure out is that Trump’s voters know Trump is the only guy we want steering our ship of state through rough waters.
The worse things get, the more we need him.
Keep in mind the effect of the supply chain from China.
China is only operating at 50-80% right now. Add in all the other countries with massive areas under some sort of quarantine and the Saudi King...rumor has C-19 and likely isn’t going to make it...
The economy is going to slow for a while. This is going to cause a glut of oil. The drawback here is it is not a normal variance. Normally one would expect a surge in business for low oil prices...this time there are no worker-bees in industry to do that. They are all home trying to ‘telecommute.’ Or recover from catching C-19.
Remember afterall...it is just like the flu.
When pump prices drop - politicians see an opportunity to increase
fuel taxes.
You spot on with that post, but you are shouting in the forest with no one around. It’s sad, but true.
You know that someone has struck a nerve when his Facebook post about coronavirus has well over 632,000 shares. That’s the case with a post that Abdu Sharkawy, an infectious diseases specialist, wrote about coronavirus. His is the modern version of Franklin Roosevelt’s famous warning to Americans on the occasion of his First Inaugural Address, that “the only thing we have to fear is fear itself.”
Sharkaway works for the University Health Network, which is affiliated with the University of Toronto Faculty of Medicine. It is also the largest health research organization in North America. An infectious disease specialist at this organization must be presumed to have a better knowledge about coronavirus than talking heads on the news or the writers at the New York Times and Washington Post.
Whatever you’ve been thinking about coronavirus, this post will give you some rare clarity on the issue:
I'm a doctor and an Infectious Diseases Specialist. I've been at this for more than 20 years seeing sick patients on a daily basis. I have worked in inner city hospitals and in the poorest slums of Africa. HIV-AIDS, Hepatitis,TB, SARS, Measles, Shingles, Whooping cough, Diphtheria...there is little I haven't been exposed to in my profession. And with notable exception of SARS, very little has left me feeling vulnerable, overwhelmed or downright scared.
I am not scared of Covid-19. I am concerned about the implications of a novel infectious agent that has spread the world over and continues to find new footholds in different soil. I am rightly concerned for the welfare of those who are elderly, in frail health or disenfranchised who stand to suffer mostly, and disproportionately, at the hands of this new scourge. But I am not scared of Covid-19.
What I am scared about is the loss of reason and wave of fear that has induced the masses of society into a spellbinding spiral of panic, stockpiling obscene quantities of anything that could fill a bomb shelter adequately in a post-apocalyptic world. I am scared of the N95 masks that are stolen from hospitals and urgent care clinics where they are actually needed for front line healthcare providers and instead are being donned in airports, malls, and coffee lounges, perpetuating even more fear and suspicion of others. I am scared that our hospitals will be overwhelmed with anyone who thinks they " probably don't have it but may as well get checked out no matter what because you just never know..." and those with heart failure, emphysema, pneumonia and strokes will pay the price for overfilled ER waiting rooms with only so many doctors and nurses to assess.
I am scared that travel restrictions will become so far reaching that weddings will be canceled, graduations missed and family reunions will not materialize. And well, even that big party called the Olympic Games...that could be kyboshed too. Can you even
imagine?I'm scared those same epidemic fears will limit trade, harm partnerships in multiple sectors, business and otherwise and ultimately culminate in a global recession.
But mostly, I'm scared about what message we are telling our kids when faced with a threat. Instead of reason, rationality, openmindedness and altruism, we are telling them to panic, be fearful, suspicious, reactionary and self-interested.
Covid-19 is nowhere near over. It will be coming to a city, a hospital, a friend, even a family member near you at some point. Expect it. Stop waiting to be surprised further. The fact is the virus itself will not likely do much harm when it arrives. But our own behaviors and "fight for yourself above all else" attitude could prove disastrous.
I implore you all. Temper fear with reason, panic with patience and uncertainty with education. We have an opportunity to learn a great deal about health hygiene and limiting the spread of innumerable transmissible diseases in our society. Let's meet this challenge together in the best spirit of compassion for others, patience, and above all, an unfailing effort to seek truth, facts and knowledge as opposed to conjecture, speculation and catastrophizing.
Facts not fear. Clean hands. Open hearts.
Our children will thank us for it.#washurhands #geturflushot #respect #patiencenotpanic
Also, remember that, while panic can be a useful short-term incentive (although it often leads to bad decisions), it’s not a sustainable long-term emotion. Marie Vassiltchikov’s Berlin Diaries, 1940-1945 tells about her time working in Nazi Germany and helping groups within Germany that were fighting Hitler. One of the points she makes as she writes in real-time about the paranoia of the Third Reich and the terror from Allied bombings is that people adjust. What induces panic in the beginning eventually becomes tolerable, no matter how awful it is.
If Sharkawy is correct about coronavirus and the mainstream media is wrong, it won't be the end of the world and we’ll learn to live with it.
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