Friday, February 28, 2020

Morning Charts 02/28/2020 SPX

Corona has everyone freaked out. For good reason I guess. Death rate by my calculations remains under 3%. If that were over 10% I’d be talking biblical. It’s like a ‘soft’ bioweapon experiment. It’s bad but not too bad. I assume that if we do a great job at the border and people are personally responsible about their quarantine it will be minimized here in the USA. Let’s hope so. Supply chain disruption biggest issue. Make sure you’re stocked up. I’d guess 2 months maybe.

In other news we’re cutting cable this morning. Weird feeling taking all the boxes out and moving on to the next tech. Automatically rendered 3 old TVs worthless in the process. Gonna save like $200 per month and get better internet speeds. Will not get Netflix. Absolutely refuse.

On to the lie -

Markets not happy. above 23k there is a massive consolidation area. That mid day rally yesterday was proof it’s there. Sub 23k the next stop for the DOW is 17-14k and there is little support sub 23. It’s a cliff. So, 50% correction is a real possibility here. That’s a good thing IMO get valuations somewhat back in line with historical norms.

Yesterday was a traders dream day.

We took all personal qualified accounts to as close to cash as possible yesterday.

More to come below.

Have a good day.

GL and GB!

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