Monday, March 9, 2020

After A Further 453 Point Decline, Dow Futures Reversed And Are Now Up 527, 980 Poins Off the Low

I don't want to do this again.
On September 29, 2008 the politicians got involved (or rather, didn't get involved) and responded to  the proposal from Treasury Secretary Paulson that he become Czar of all he looked upon, to which the Congress replied "Ummmm, no" The DJIA dropped a then-record 777 points, and the markets didn't reach bottom until the second week of March 2009.

The good news was I got laid (old joke) Goldman ended up getting paid, both from AIG via the eventually approved bail-out money and through the credit default swaps they held on AIG.

Enough history, here's the mystery:

  FinViz

Usually that second low for March 9 at just before 6:00pm EDT would be very constructive, undercutting the earlier low and flushing out any traders hanging on for dear life. In this case though we are betting on the politicians coming together so who knows.