The Worst Week Since ‘08

Tale of the Tape

Good evening, folks. Stocks blew it today like the Atlanta Falcons 28-3 halftime lead.

Have a peek at the weekly S&P 500 chart below. The velocity of this decline has been stunning. In 4 weeks, we’ve given back 3 years of a raging bull market.

The most frustrating part today was that we opened green and rallied through the first 90 minutes. Sad trombone mother freaker…

For the week, the S&P closed down 15%, the worst week since October 2008.

S&P 5002,304-4.34%
Russell 20001,014-4.22%
Dow Jones19,173-4.55%

Just Lovely

Four esteemed US senators sold stocks after attending a briefing on coronavirus in February. Good grief. These are officials we the people elected to promote our best interests both domestically and abroad.

If we didn’t know any better, we might suspect they were more concerned with their own coffers than the public interest.


XL… EW 🤢 

Utilities ETF, $XLU, got hammered, closing down 7.93%. Utilities are typically viewed as a safe haven especially when rates are low but they’re sure playing catch up to the downside here. $XLU is now down 26% YTD.

 Check out the daily chart. This thing is down to early 2018 prices. 

Remember the old proverb…

Stocks take the staircase up and elevator down.

The IRS Extends Tax Deadline 

Today, the IRS extended the income tax filing deadline from April 15th to July 15th due to the coronavirus. However, if you are expecting a refund, quit procrastinating. 

Go file, and get that money, money, money

Your money, money, money.

Here’s Bloomberg with more.

Today was a Quadruple Witching Day

Today on Stocktwits…

Beautiful Vintage Ad: Test Drive a Macintosh circa 1984 …

Links That Don’t Suck

Funding Friday: The Restaurant Workers’ Community Foundation Relief Fund

Traders Dread Getting Sent Home as Markets Move Faster Than WiFi

Is it Ethical to Order Delivery During a Pandemic?

Panic With Friends – Who Better Than Fred Wilson