Quite a gnarly day on the markets today and Aussie got belted with the ugly stick too.
Dow futures currently down ~ 380 points so not looking good for tomorrow.
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Quite a gnarly day on the markets today and Aussie got belted with the ugly stick too.
Dow futures currently down ~ 380 points so not looking good for tomorrow.
It won't be so much fun fishing off the wharf ? Might pay to keep a bit of powder dry and go and charter a nice boat in the Marlborough sounds and take a break from the market next week.
Market has enjoyed a fantastic run for the last 11 years, especially a stellar year in 2019 and even the first bit of 2020. Sometimes it just pays to sit back and accept that the tide doesn't always come in (if you'll excuse the expression), and maybe this black swan event marks the turning of the tide...i.e. the market is now just starting to behave rationally to the likely significant global and local economic fallout of this new virus.
This old dog is too tired to swim against the tide, its too much hard work especially seeing as my preferred swimming technique is dog paddle :D
European sell off - German Dax and British Ftse100 down by over 3%.
dr beat me to it above...
"An interesting reading from the Ifo Institute in Germany: its widely followed business climate indicator has actually beaten expectations – a reminder, perhaps, that the much of the coronavirus’s financial effects so far are down to fear, uncertainty and doubt.
The Ifo’s business climate reading came in at 96.1 points, compared with a Reuters consensus forecast for a fall to 95.3. The institute is sticking to its first-quarter growth forecast of 0.2%. Ifo president Clemens Fuest said in a statement:
The German economy seems unaffected by developments surrounding the coronavirus." The Guardian
- so not all doom and gloom in Europe this morning.
A little bit of rebalancing every now and then not the worst thing. Funny how quickly sentiment can change, in a week it could be back to full steam ahead. 700 point drop at the open for the dow, nasdaq is worse on a % equivalent.
I'm hoping for a bit of a lull period at least a quarter or two of sideways or slight downwards movement.