This coronavirus is bullshit. The media has totally taken over the narrative, most of which want Trump to die in his sleep or get pancreatic cancer.
This is Russia fixing the elections and Ukraine on parabolic steroids.
Remember who the media is, it’s all left. If Trump walked on water to save a drowning baby, the headline would be that “Trump Can’t Swim”
Please know that I’m not an asshole. I’m not a psycho “right-winger” or a “neo-con”, although I do support everything Trump has done for this economy thus far. Not afraid to say it. Truth be told, I detest mostly all politicians with every fiber of my being. They are boiler room operators. I’m worn out rooting for anyone, but let’s give the guy a break.
The Russia/Ukraine/FBI story collapsed under the weight of lies and deceit, so now its the coronavirus.
If it bleeds it leads, and the media is running with it. It’s scaring the absolute shit out of everyone. It’s working.
But because of this, the world is shutting down. This, in fact, is the reality and the problem.
Remember I asked the question about whether or not they would shut down March Madness last night? You know, the NCAA basketball tournament? Next to the Super Bowl, its the biggest sporting event on planet earth. Today it was canceled…only family members. It should be a hoot watching 100 people in a 23,000 seat arena. Echo much? What a shame
We live in a world of politically correct wussies that are truly afraid of their own shadows. Worried about their jobs. Cover your ass, protect yourself. Just shut it down.
Babies are fine, young people aren’t dying, even middle-aged folks are fine, it’s very old people that are dying, and the number, in context, is nothing. This isn’t the Spanish Flu of 1918.
The reality though is that this is shutting everything down. Many universities have canceled the spring semester. If you are a senior, you will graduate from your parent’s basement. How sad. How truly sad. Congrats after killing yourself four years because some f%!#tard university empty suit is afraid of life itself and losing his job. Shut it down “just in case”. Don’t mess with your tenure.
Maybe I’m wrong, maybe this is the end of times like Soylent Green. Classic movie with Charlton Heston.
I maintain that it will pass, and I lean more bearish than 90% of most people. I’m not arguing that the market can’t go lower here. Everyone is capitulating and throwing in the towel. Goldman Sachs came out with a mid-year target of about 300 SPX points lower today. Their analysts couldn’t pick a stock with tomorrow’s newspaper though, so I could care less what they say. If they were so passionate about a decline maybe they should have downgraded themselves at $249 when the banks were a short. But again……that’s a headline. It scares the market.
Interesting day though, and I don’t know what will happen tomorrow because the market is scared and selling right now.
But…
That SPX level that I have been boring you with for the last three days held yet again. This is like a quadruple bottom if you go back to June. I lowered the stop on SSO today because I thought they might overthrow that support level (happens a lot, and it did) and then rally over it. That’s what they did today. It still stopped SSO by a little.
Without a doubt, this is your support level. Roughly today’s low or the 2707 level. Every time it gets hit it weakens.
As I said last night, if this breaks on a closing basis we are going to have more pain.
See you in the morning.