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First Call March 9, 2020

by | Mar 9, 2020 | First Call | 0 comments

  • S&P futures have traded limit-down for most of the session, off nearly 5%.
  • Comes after the Dow, S&P and Nasdaq all finished higher last week following the biggest weekly decline in the prior week since October 2008.
  • Asian markets sharply lower overnight with Japan down over 5%, Hong Kong more than 4% and China just over 3%.
  • European markets under meaningful pressure.
  • Treasuries extending their ferocious rally with 10-year yields below ~0.5% and 30-year yields below 1%.
  • Dollar weak on the major crosses, particularly against the yen. Gold up 0.3%.
  • WTI crude off more than 20%. - I posted charts of both WTI and Brent with DeMark Sequential Countdown's on day 12 of 13
  • Bond bullish sentiment is at 98% from Friday. Incredible moves happening with the bond market. A mean reversion trade is possible soon
  • All of the Market Conviction pages will be updated by 10am
  • I will be reducing some positions after 10am to see if there is any response by the Fed.
  • Circuit breakers will kick in with S&P down 7% for 15 minutes
  • I remain very cautious with this market and still recommend a large cash position and minimal position sizing
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