It was a day for the record books, as The Great Bear Market of 2020 accelerated in dramatic fashion. The feud between Saudi Arabia and Russia over oil production added even more fuel to the coronavirus fire which sparked the sell-off two weeks ago.
The SkyNet SellBots set the stage in the overnight futures trading session, hammering stocks and crude oil, and lighting another fire under government bonds. US stock opened “lock limit” down, by plunging 5% in the first few minutes of trading.
After the mandatory circuit break halt in trading, the BuyBots stepped in and stabilized the action, but it wasn’t enough to stem the time, The SellBots resumed their relentless pressure into the close as stocks closed near the lows of the day.
The DJIA ended down a record 2,014 points (7.8%), the largest drop since The Crash of 1987. The NASDAQ surrendered 624 points (7.3%). US bonds continued to roar ahead to record territory, though closing a bit off the lows.
Stay tuned as the battle of the SkyNet StockBots continues.