ALWAYS CONSULT YOUR INVESTMENT PROFESSIONAL BEFORE MAKING ANY INVESTMENT DECISION
January 31, 2020 | Equities Hammered in Coronavirus Bull Trap Sea of Red
Mike 'Mish' Shedlock
Stocks are hammered across the board today in a coronavirus-related sea of red.- S&P 500 Futures: -67 Down 2.04%
- Nasdaq Futures: -219 Down 2.37%
- Dow: -592 Down 2.05%
- Dollar Index: -0.486 Down 0.50%
The US dollar index is at 97.220. Frequently, if not in fact normally, the dollar rallies in time of international turmoil.
Not this time. The US dollar top may be in.
On Sunday evening I commented US Futures Poised to Gap Down on Coronavirus Scare: What Then?
Some of the “What Then?” question has been answered. This was my comment Sunday evening:
Best Bear Case
The best bear case is if this gap down fills quickly then the market collapses as soon as it does.
Right now, that appears to be what is happening.
Meanwhile, mind those gaps. We remain in a very bearish setup. Yesterday I commented, Mind the Gap, It Closed Bearishly On Wednesday
Gaps remain but they are all lower. See the above link for details.
Mike “Mish” Shedlock
STAY INFORMED! Receive our Weekly Recap of thought provoking articles, podcasts, and radio delivered to your inbox for FREE! Sign up here for the HoweStreet.com Weekly Recap.
Mike 'Mish' Shedlock January 31st, 2020
Posted In: Mish Talk