It was “Just Another Manic Monday,” as the SkyNet SellBots orchestrated yet another massive attack on US stocks.
On Sunday, Fed Head Jerome Powell threw in the towel and cut the Fed’s interest rates essentially to zero. That financial bazooka backfired as the SkyNet StockBots interpreted that as a sign of desperation and panic. Panic indeed followed, as the Sunday evening futures quickly hit lock limit down. A brief midday rally attempt by the BuyBots evaporated and the sell-off accelerated into the close.
The DJIA plunged nearly 3,000 points (2,997 to be exact) (12.9%) and the NASDAQ surrendered nearly 1,000 points (970 to be exact) (12.3%). US Treasury paper rallied strongly again.
Stay tuned as the battle of the SkyNet StockBots continues.