Global Stocks Slide As Attention Turns To Global Economic Shutdowns

Mon­day’s glob­al stock ral­ly unleashed by a 2nd round of covid vac­cine hopes this time cour­tesy of Mod­er­na, and which pushed the Dow and all major index­es to new record highs, fiz­zled on Tues­day as investors shift­ed focus back to the accel­er­at­ed near-term spread of the virus and the creep­ing shut­downs which are cer­tain to ham­mer the US econ­o­my. S&P futures dropped 0.5% or 20 points as New Jer­sey, Cal­i­for­nia and Iowa imposed fresh restric­tions as the num­ber of new US cas­es hit a record, and threat­ened to wors­en as the cold­er weath­er sets in. Nas­daq 100 futures were boost­ed by yet anoth­er rever­sal in the refla­tion trade, as well as a jump in Tes­la on the prospect of the elec­tric-car maker’s shares join­ing the S&P 500.

Curi­ous­ly, the same 3,600 “gam­ma wall” lev­el which we warned yes­ter­day would com­pli­cate a major push high­er in the S&P ahead of op-ex, is now serv­ing as a buffer to the down­side, and will lim­it loss­es. Sure enough, the Emi­ni ses­sion low so far today has been… 3,600.


Big Tech is at war with you! They don't want you to see the truth. Bookmark us and visit daily. 


Send this to a friend