Halt, Who Goes There?

Tale of the Tape 

Minutes after the opening bell, the S&P 500 dropped 7% causing the Level 1 circuit breaker to trigger. The market was halted for 15 minutes and trading resumed for the rest of the session. The S&P closed down 7.6%, its worst day since 2008.  

Small caps dropped 9.37%. The Russell 2000 is 23% off its closing high on January 16th. 😶

Oil, as expected following the weekend news, dropped 24%. Its worst day since 1991. 

This move is real and people are losing money. Plus, nobody has any idea where the markets are going.

Place your bets. 

S&P 5002,746-7.60%
Russell 20001,313-9.37%
Dow Jones23,851-7.79%

World Markets

It was a brutal day across the globe. The Russia ETF $ERUS dropped 19.8%, while the Hong Kong ETF $EWH sucked the least, only dipping 4.1%. 

Here’s the 1 Day performance for the country ETFs:

And the YTD performance:

Where the Bear Market Begins

Tradition holds that a bear market begins after an index or major asset class falls 20%. There are variations to this definition. Some hold that a certain period of time must past. Others view a bear market as more of a process or environment in which a market is making lower lows and lower highs.

It’s kinda arbitrary where we give something a label.

Anyway, here’s a cheat sheet for the major indices including their closing highs and the close that represent a 20% loss from that all time closing high level. Make of it what you will… 

Walmart Relative Strength

Walmart showed relative strength today closing flat. Rumor has it that they might still have toilet paper… lol.

XLE Testing 2000 Levels

Energy ETF $XLE tested levels dating back to 2000. The ETF is down 43% YTD. Here’s the monthly chart… wowza.

Twitter Bucks the Trend

It was reported that Twitter reached a deal with Elliot Management and Silver Lake that would not require CEO Jack Dorsey to step down. (Read more about the background to this story here.)

Instead, Twitter will fund a $2B repurchase program. 

This is surprising given the fact that Twitter was WhatsApp before WhatsApp ever existed (Twitter DM’s) and TikTok before TikTok ever existed (Vine) yet somehow failed to capitalize on either. And all these guys are looking for is buybacks? Ugh…

It first seemed like Elliot was looking for a way to move a product forward that is genius but has been squandered.

Same as it ever was…

Today on Stocktwits…

The Worst Houses in a Bad Neighborhood

Here is a list of the 10 worst performing stocks in the S&P 500 today. Holy SMOKES what a drubbing for these names. Notice all the names included are in the energy sector…🤢 

Just So Ya Know…

We here at Stocktwits are fully dedicated to posting frivolous gifs and jokey memes in bull and bear markets alike.

We view this as an essential part of our non-discriminatory practices policy. It’s what we do.

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