Zanax needed. There simply is no good news. Revenues, earnings, oil, GDP….all down, down. Oh, gold it up.
Guess the only good part of this day is the flush. Stops that were set to protect equity owners will be triggered and that will lead to further, perhaps temporary, declines.
If you are long equities and do not use stops you should consider an inverse ETF. These will give you a little temporary downside protection.
Treasury sold $94 billion of two year notes yesterday and bids swamped available bonds by 2.5 to 1. Even thought they yielded just 0.96%. That should tell you something about investors lack of risk appetites.
Last days of months can be pretty loopy so we could have a whipsaw day. Stay tuned.
