First Call February 28, 2020

by | Feb 28, 2020 | First Call

  • S&P futures down 0.56%, but off worst levels, in Friday morning trading after the index fell more than 3% in three of the last four sessions and is poised for worst week since the financial crisis in 2008.
  • It has only taken six days for S&P to fall more than 10% from a record into a correction, the fastest such turnaround on record.
  • Asian markets sharply lower overnight, led by China and Japan.
  • European markets under further pressure.
  • Treasuries catching another big rally with curve steepening.
  • Dollar weaker vs yen but a touch better on euro cross.
  • Gold down 0.9% and on track for a weekly pullback despite the marked pickup in risk aversion.
  • WTI crude off 2.7%, off worst levels, as oil continues to be one of the hardest hit asset classes on demand concerns.
  • S&P bullish sentiment is at 9% and is oversold
  • Take a look at the premarket movers as many issues are above today's VWAP a sign of buying
  • I am traveling today and will not publish a Daily Note
  • If I need to post something regarding Trade Ideas I will on the plane
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