[UPDATED] -[HUDSON BAY, CANADA] - The Dow Jones Industrial Average tumbled 1,031.61 points, or 3.56%, to 27,960.80. The S&P 500 lost 111.86 points, or 3.35%, and the Nasdaq Composite dropped 355.31 points, or 3.71%, to 9221.28. The Dow and S&P 500 both now sport year-to-date losses. The corona virus is blamed, but financial reporters have been calling the market over valued for some time. Today just seemed to be the day. A couple of FANG stops outpaced the Index loss, Gold hit its highst mark for seven years. Each dip has been short lived since one year ago. How the week goes would therefore be of special interest. And what followed was a genuine statistical correction and the worst one day lost in history. Monday Blues became straight thru Sunday Blues. The Dow Jones IA ended the week at 25,409.36. The S&P fell to 2954. The Nasdaq fell to 8567. On Thursday, Goldman projected no earnings growth for stocks in the year ahead, and Futures bettors expected at least a 75-basis-point reductions in interest rates for the Fed in 2020. (the poor dears!) On Monday March 2 the market will find opportunityboosting the Dow by 1300 points, or about 5%, or 'reversing the correction" but it will have the markings of a Dead Cat Bounce. The next day the Fed will give 50 basis points in emergency ruling, the Dow will tumble back 600+ and Big Baby Trump will call it to ease and ease more so we are "on a level playing field". Two weeks ago a "V" shape curve for the future was the meme, that's been followed by a "U" which will give way to a "W". Not an "L"? - B. Baruch.
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