We are limit down – again.
Since Europe is down about 7.5%, it's very likely we have further to fall at the open since Europe did not partake in Friday's "rally" and is now 5% below Thursday's lows so we could be looking at 20,000 for the Dow (down another 1,800 points from the Futures and down 3,000 points (13%) from Friday's close), S&P 2,300, Nasdaq 6,300 and Russell 1,050 – horrifying numbers.
Of course, things got much worse in 2008, when the Dow fell from 14,000 to 6,000 – that was down 57% and, so far, we're only down from 29,500 to 20,000 (expected) – that's "only" 32% so whoa, whoa, we're halfway there – maybe…
This is happening DESPITE the fact that the Fed cut their base rate to 0-0.25% over the weekend but they also cancelled their scheduled meeting this week and that bothered people as well as the Trump Administration's continuing inept response and lack of leadership. THIS is why I have been anti-Trump since the 2016 election – what did you really think was going to happen in a crisis with this President? Did you really think he was going to step up and provide the clear leadership and vision this country needs in a time of crisis?
So we have a complete crisis of confidence and that's why EVERYTHING is liquidating, including gold ($1,475), silver ($12.00 – a buy at this price!), copper, oil ($29.50 – a buy at this price), cattle (yes, cattle is down 45%), corn, soybeans, wheat – no asset is safe as people go to cash but the Fed Funds rates are now so low that you will soon have to PAY the banks to hold your money – yet another stealthy way Trump is going to tax the American people (and the tariffs are still on too).
The Dollar, as you can see, is down 1% today but up 3% in the past week, that's making it very expensive to convert your assets into CASH!!! but that's what people are doing at an alarming rate. Why, because they have NO CONFIDENCE that the Government can fix the virus problem and, as I said to our Members over the weekend:
I’m just keeping an eye