Posted on 03/08/2020 3:21:01 PM PDT by Enlightened1
Stock futures tumbled in overnight trading Sunday as investors continued to brace for the economic fallout from the spreading coronavirus, while a shocking all-out oil price war added to the anxiety.
Futures on the Dow Jones Industrial Average plunged more than 900 points. The S&P 500 futures also indicated a 4% drop at the open on Monday. The sharp declines in the futures market pointed to more turbulence ahead after a roller-coaster week that saw the S&P 500 swing up or down more than 2.5% for four days straight.
Saudi Arabia on Saturday slashed official crude selling prices for April, in a sudden U-turn from previous attempts to support the oil market as the coronavirus hammers global demand. The move came after OPEC talks collapsed Friday, prompting some strategists to see oil prices crater to $20 this year.
“Crude has become a bigger problem for markets than the coronavirus,” Adam Crisafulli, founder of Vital Knowledge, said Sunday. “It will be virtually impossible for the [S&P 500] to sustainably bounce if Brent continues to crater,” he added.
International benchmark Brent crude futures plunged 30% to $32.05 per barrel. U.S. West Texas Intermediate crude fell 27% to $30.07 per barrel.
Investors have already been on edge about the coronavirus outbreak that caused major stock averages to tumble into correction territory. As of Sunday, global cases of the infections have climbed to more than 109,000 with at least 3,801 deaths around the world. The situation is also worsening in the U.S. with New York, California and Oregon all declaring a state of emergency.
(Excerpt) Read more at cnbc.com ...
They need oil at $84/barrel to keep payments up to all the princes. It’s going to hurt them more than it’s hurts Russia or the U.S.
Here’s an interesting factoid about the depression which gets little attention.
Prohibition was a major factor, not the only of course.
It creamed the transportation industry and a lot of other industries which provided all the services/infrastructure needed to keep the beer/liquor industry going. A very serious ripple effect. It made a significant contribution to unemployment.
If you want to read about how massive the economic damage of prohibition was, this outlines it well:
https://bourbonveach.com/2019/08/26/prohibition-and-the-great-depression/
Look at top center and top two on left side.
Right now it is down over 1k points.
There’s a name for what the Saudis are doing - it’s called “dumping.”Dumping precisely for the purpose of disrupting US production.
Isn’t there a law again’ it?
And isn’t the penalty for violating it a tariff?
This, too, shall pass.
Except, in this case, they aren't dumping to disrupt U.S. production. (Although they probably hope that happens, too)
We can be very sure these moves were taken to punish Russia after their Energy Minister Alexander Novak walked out on OPEC on Friday and refused to even pretend to go along with cuts.
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..... might be a rather long wait.
Futures trading has been halted for the evening.
I bought some GRAT DEALS 2 weeks ago THEN it shot up on Monday and I was doing a happy dance but not for long!!
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sounds true .....
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THAT is an unattractive note.
Of hysteria, maybe.
I wouldn’t be so sure of that my FRiend. This forum has influenced both the making of kings and the breaking of kings.
1K-a-day for 4 days will do it...not that long! ;-)
Check this out.
“Stock Futures Were Halted Sunday Night. Here’s When S&P 500 Circuit Breakers Kick In on Monday”
The intellect capable of those things left this board long ago.
A short 13 days later - we are down 3600 points - or almost 13% - the futures market circuit breakers are tripped - and shorts are piling up keeping it pegged to the lows - and we are on an exponential curve of increasing cases with no signs of stopping - and you say "might be a rather long wait" ???
There is more carnage to come. The next line of defense for the bulls is at 23K. That is the 50 SMA average - and we are very close to that right now. We could see that this week. If we breach that - it's a long fall to the 200.
What a crock of crap. 10% of the population in intensive care?
Why do so many of you guys insist on putting your heads in the sand on this? It is not some “global conspiracy to bring down Trump”.
...
To believe that...just an organic virus, no nefarious purposes.
Then...would have happened if Linton or Obama were president. Dr Lieberman, the Harvard scientist working for China, and the second do for now, are just harmless. The Chinese regime would never sacrifice or harm their own people. The CIA would never work against the U.S. (PDJT and us, we the people), the timing of the virus would be just random, not where the market and PDJT’s poll number would be peaked. The MSM also would be equal in their coverage of Ebola and SARS.
Yep, you are right, just organic, random.
You are not the least bit curious why they have not found patient zero? If this were just organic and just a pandemic outbreak we would know where patient 0 is. Even if patient zero is dead which of course they usually are. That said there are probably numerous patient zeros. And probably the people doing the investigating don’t want you to know. Likely they might be in on it. If you think this is all crazy then perhaps you have not reached the point of understanding just how evil these people really are and how much maniacal lust for power to run everything that they really have.
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