Mar 2 – 7
It was a lousy week in the equities market.
The positive was that I got to spend half the week in Fort Collins Colorado.
COVID-19 meltdown continued.
Fed cutting 50 bps didn’t help. That is not going to speed up vaccine development or unblock supply chains.
To add fuel to the fire, OPEC and Russia failed to reach a deal to stabilize output. Saudi Arabia said over the weekend that it’s going to increase output despite lowered demand due to the pandemic. Oil is going to be routed.
Volatility was extreme. If one were a nimble trader, one could have played the yo yo game and made money both ways.
10 yr Treasury yields fell sharply
Gold continues to more valuable
These are challenging times for elderly retirees who face a double threat of the virus and stock market meltdown.
The downturn will persist until the flat part the viral growth curve is within sight or an anti viral is announced.
Be safe out there.