1,000 Points Ain’t What It Used To Be

The Tale of the Tape

Good evening y’all. If you didn’t hear, stocks were down today.

A lot of stocks were down. All but 13 companies in the S&P 500 closed negative. Energy sector ETF $XLE dropped 4% plus to 4-year lows. S&P 500 had its biggest down day since 2018. See this and other losers below.

No sectors closed higher today and all fell more than 1% except Utilities which dropped half of 1%.

The Russell 2000, S&P 500 and Dow 30 are now all down for the year while Nasdaq remains green.

Friday, we wrote about bond yields breaking down and our dismay that nobody was talking about global recession. Well, today yields crashed more as cash continued to move into treasuries. The 10 Year closed below 1.4%. Pretty soon, we’ll be paying the government to lend them money.

S&P 500	3,337	-3.35%
Nasdaq	9,576	-3.71%
Russell 2000	1,678	-3.01%
Dow Jones	28,992	-3.56%

Subscribe to the Daily Rip!

1,000 Points Ain’t What It Used To Be

Fine, the Dow Jones Industrial Average fell 1031 points today and we can almost guarantee you a bevy of media sources, who shall remain nameless, will post about how this was the 3rd largest point drop in the history of the DJIA.

Of course, this is bull hockey.

Sure, today did mark the third largest point drop in history behind only February 5, 2018 and February 8, 2018. However, on a percentage basis, today’s 3.56% decline is the 254th worst day since the inception of the Dow in 1896. It’s a blip.

1,000 points ain’t what it used to be.

Sometimes Stocks Breakdown

Today was a terrible market day but not so uncommon as we noted above. However, there were some stocks that had a bad day at the most inopportune time.

Here are a few of the worst breakdowns. They’re bad and so, if you’re squeamish, please pop a Xanax before you continue.

Cruise ships are sinking and it’s like the Titanic without Kate Winslet. Here’s a chart of Norweigan Cruise. The other ones are bad too.

Ford Motor Company drove off a cliff today. Sure, it broke down before today but like a bad accident we can’t take our eyes off.

The $XLE Energy Sector SPDR is breaking down. This might be the worst house in a bad neighborhood.

Virgin Galactic Closed Green lol

This morning on our way back from ringing the opening bell at the Nasdaq, Kenny Glick aka HitTheBidRadio said “There’s no coronavirus in Space”. He’s right. There has yet to be reports of the coronavirus off this planet. $SPCE closed green. Safe Haven. There you go.

By the way, $SPCE reports earnings tomorrow after market close.

The World is Canceled

Every market around the world closed red today.