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S&P 500 Weekly Update: A Good Dose Of Fear And A Void In Common Sense


  • Keeping it all in perspective, we put the pieces together to weather this storm of FEAR.
  • The Fed cuts rates, and the 10-year Treasury drops under 1% as the investment community sees the economy crashing.
  • The "virus" rhetoric is doing its best to talk the economy into a recession.
  • The headlines have created a "perception" that may be far different than the "reality" of the situation.
  • Looking for a helping hand in the market? Members of The Savvy Investor get exclusive ideas and guidance to navigate any climate. Get started today »

"The most important consideration when investing in the stock market is the primary trend of the equity markets."- Richard Russell (Dow Theory Letters)

When it comes to investing, my strategy does not include speculation or emotion. Over the years spent here on Seeking Alpha, I have done my best to explain why that is the only way to approach the markets. This week the first draft of this article contained quite a bit of information regarding the global health scare surrounding coronavirus.

As each day unfolded, it became more and more apparent that there would be no need to include any of that in this week's missive. Speculation, fear and overall emotion trump ANY other view presented, including facts. It became apparent that it wasn't necessary to spend time over an issue that is out of my control. So it's back to what successful investors do and what has helped in reaping the lion's share of this 11-year bull market. Watch the price action.

When the initial outbreak of the coronavirus occurred in January, the financial markets were forecasting a quick "V" shaped recovery similar to that of previous viral outbreaks. As investors watched the number of coronavirus cases in China rise to the 80,000 level, the S&P 500 went on to record 13 new record highs, finishing that run at S&P 3,386.

By all measurements, the indices settled into overbought territory, very similar to what we saw in January of 2018. Back then the rally in the first month of 2018 resulted in a peak to trough correction of 11.8%. On that occasion, it was an overbought market that ran into nervous nellies who feared the devastating impacts of tariffs.

However, once the number of cases outside China moved sharply higher, sentiment changed and the S&P 500 experienced its first 10.0%+ correction

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With the "Markets in Turmoil", efforts to keep every member apprised of the situation have been aggressively ramped up. In addition to the Weekly missives, Daily chart updates, along with Interim Weekend articles are now published.

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This article was written by

Fear & Greed Trader profile picture

Fear & Greed Trader is an independent financial adviser and professional investor with 35 years of experience in all market conditions. His strategies focus on achieving positive returns and preserving capital during bear and bull markets and he has a documented track record of calling the equity market correctly for the 10+ years.

He is the leader of the investing group The Savvy Investor where he focuses on sharing advice to help investors avoid the pitfalls that wreak havoc on a portfolio during bear markets. Features of the group include: Macro updates 7 days a week, ETF selections, covered call writing strategies, and live chat 24/7. Learn More.

Analyst’s Disclosure: I am/we are long EVERY STOCK/ETF IN THE SAVVY PLAYBOOK. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

My portfolios are ALL positioned to take advantage of the bull market with NO hedges in place. This article contains my views of the equity market, it reflects the strategy and positioning that is comfortable for me. IT IS NOT A BUY AND HOLD STRATEGY. Of course, it is not suited for everyone, as each individual situation is unique. Hopefully, it sparks ideas, adds some common sense to the intricate investing process, and makes investors feel more calm, putting them in control. The opinions rendered here, are just that – opinions – and along with positions can change at any time. As always I encourage readers to use common sense when it comes to managing any ideas that I decide to share with the community. Nowhere is it implied that any stock should be bought and put away until you die. Periodic reviews are mandatory to adjust to changes in the macro backdrop that will take place over time.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (585)

A.L. profile picture
The Asians, Chinese and Koreans, broke the exponential phase of the outbreak in ~10 days. A straight exponent in Europe for ~3 wks. Full steam ahead to the abyss. The US is exponential so far as well. Source: "worldometers.info/coronovirus", look at semilog graphs.
Yesterday I found myself fearful, so I decided to act greedy...
David Haggith profile picture
I think a large dead-cat bounce after such an historic crash (having fallen into a bear market faster than anytime in history) is likely today. If it doesn't happen after an ear-popping descent like we just had, that would be surprising -- stunning really. Keep in mind that the actual economic damage from the coronavirus isn't even known yet. All of this was in anticipation of what will be seen in corporate earrings, consumer confidence, GDP, etc. We haven't begun to see the corporate bond defaults and bond-fund crashes in HY that will happen do to junk downgrades if the economic news stays down for a couple of months, and it certainly will stay down for a couple of months, even if they develop a cure a month from now, it would take another month see all confidence restored. I that time, we're highly likely to see some massive credit problems because we created massive credit problems waiting to happen due to all these years of free and easy money by the Fed. That is why it is now desperately promising to add $1.5 trillion into the economy in order to prop everything back up. IF it does succeed with that, all it will have accomplished is to prop junk back up into surviving junk, leaving a whole lot of junk that should have been cleared out again but that wasn't. The bailouts have begun ... again.
Some good news coming in with a package likely coming from the Federal government.

A good friend works at Roche (second shift) and he texted a picture of the first Coronavirus coming of the assembly line which was shipped last night. CNBC reported millions would be available soon. Of course deployment etc, is a different issue.

Hopefully our country is being overly safe here which could be a long term blessing.
Gohvicc01 profile picture
Virus or Test
For the virus
Sorry test kits for the Virus. The first ones shipped last night.

Logistics within the system are another story.
Tiki Bar Capital profile picture
FGT & Friends -- Some thoughts.

1. Yesterday ("Black Thursday") was a historic forced selling event driven by margin calls and quant strategies. The selloff was NOT driven by fundamentals. Otherwise gold and AAA bonds would not have sold off. That doesn't mean there wasn't some panic-selling. But it's hard to believe such massive flows came from frightened retail investors.

2. At some point, margin calls end and quant strategies reach their target allocations for the circumstances. Forced selling exhausts itself.

3. We may be reaching that point. S&P futures are up ~5% this morning. We were so oversold, a bounce is logical. That doesn't mean we've seen the low. Chris Ciovacco did a great short take yesterday on the possibility of a rally followed by a further decline, as occurred in the Financial Crisis. (See www.ccmmarketmodel.com/... ) Let's not kid ourselves -- that could happen again. But it might not. NO ONE KNOWS.

4. This panic is due to a nearly unprecedented level of near-term uncertainty. The market has no clear idea how much earnings will fall or the ramifications for highly levered businesses. Are we about to see mass layoffs and bankruptcies? Will global supply chains collapse? As a CNBC commentator said yesterday, it's impossible to calculate a P/E ratio if you have no idea what the "E" is.

The flip side is that once the economic picture comes into focus, the worst case scenarios currently baked into stock prices may look like overreaction. I actually think that's likely. Once that occurs, I anticipate a rally of the "rip your face off" variety.

5. I was a big buyer of stocks yesterday. My biggest deployment of dry powder so far. Early in the day, I set lowball limit orders at ridiculously bearish levels and watched in amazement as limit after limit was hit. I made these trades knowing full well the market may go lower. My rationale has been, and remains, that years from now I will be very happy with my stock purchases from the past two weeks. (This strategy is NOT for everyone. I have two years worth of cash equivalents for living expenses socked away.)

6. Much depends on the actions of the US government. Perhaps everything. So far, the Trump administration has been frustratingly behind the curve. Dems in Congress haven't been angels either. At some point, however, government is likely to rise to the occasion with massive fiscal support for the economy. That would probably provide the clarity craved by the market. It may take weeks for the government to get its act together. Or it could happen today. I don't want to be out of the market when it happens. (See above, regarding "rip your face off" rally.)

7. More shoes are going to drop. Yesterday, management teams closed Disneyland and shut down all of the nation's beloved sports franchises, among many other beloved activities and venues. So, how shocking will additional closures and postponements be? Perhaps not so shocking. The band-aid has been torn off. America now understands that life won't be normal for quite some time.

Forgive the length of this post, but it seems to me that there's value in hashing these things out. If anyone has thoughtful opposing points, I'd love to hear them.

Best of luck to all.

I am down about 15% YTD across my investment accounts. Not too bad given the carnage we have seen. I attribute it to good risk management having sold some stocks last year and recent months. Although some would call that timing the market!

I am holding what I have for now and only making incremental buys. Not ready to invest with my dry powder unless things get really interesting. Looking at SPX down another 15% or so - which would be roughly around my average cost base.

We may not get there, but then we may. Whatever happens I am sticking to my plan and execute accordingly.
So today, March 13, 2020, will we get a Dead Mouse Bounce? . . . , $DIS looks attractive @ $100 and its below that at yesterdays close. Anyone want to wager on the expected S-N-P 500 Market multiple at the bottom? 13?
Tiki Bar Capital profile picture
Sweet baby Jesus... That was a helluva day.
I thank my lucky stars that I trade mainly options and have lots of dry powder.
David Haggith profile picture
And now the Fed promised $1.5 trillion in repo, and the market still had its worst day.
Tiki Bar Capital profile picture
@David Haggith -- From what I gather, 3/12 -- shall we just call it "Black Thursday"? -- was driven by massive forced selling from margin calls and quant/risk parity strategies.

The selling was not fundamentally driven. If it were, gold and risk-free bonds would not be nosediving.
diroha profile picture
Does a mystery buyer come in to buy the SPX into the close?
@diroha - well I came in to buy but got overwhelmed by the sellers ha ha ha.
Tiki Bar Capital profile picture
I swear to God I had limit orders on a US stock ETF hit at the low for the day at 3:59 pm. The manic drive for liquidity was unbelievable.
David Haggith profile picture
Oh my goodness. "Keep riding the waterfall, Boys! It won't become a bear! Keep riding the bear, My Boys! It won't get angrier! Buy the dips and hold, and you shall be rewarded!"

Enjoy the crash. As the market now ignores EVERYTHING the Fed and the Trump say and do to save it, enjoy the crash. "Ride it to the bottom, Boys!" After all, in a few years you'll recover back to where you were a month ago -- a month that now feels like distant history. Oh, did I fail to remind you as you laughed at me and derided my foolishness back in January, F&G ( thegreatrecession.info/... ) and all the way down the numerous waterfalls I said would be all yours, that I'm up for the year! And it was a SMOOTH, FAST ride!

Let's see, waterfall riders down in a full bear market (all indices now thanks to the latest Trump Talk) -- down well over 20% and the laughable Knave Dave, on the other hand, nothing but up the last two months. (And, as of today, out of bonds to claim the winnings and park them safely in all cash until the stupidity gets fully pounded out of the market.) Stocks have gone down more than 20% while many bonds have appreciated 20%!

Sometimes it is so patently smart to get out of stocks and into a lifeboat that you can hardly feel sad for the people who told you to get your stupid lifeboat the heck away from them because the Titanic could never sink. Oh, the hubris! Beyond belief.

So, ride it out, Boys! This one is ALL on you. You were shown a better path, and greed caused you to do nothing but scoff at it. Fear & Greed poked the bear. So, enjoy the fall, and those who took the safer path will look down at you when you're 40% below. And, if we get back in the market at the bottom, we'll never see you again, because when you've finally gotten back to where you fell from a couple of years from now, we'll be 40% above that! Enjoy.

He who laughs last ...
Z-alpha Trading System profile picture
@LTTFTrader - Thanks for the questions. To start, we are professional, commercial bona fide hedgers. Meaning, our only purpose to hedge is for portfolio beta exposure neutrality, and the 1256 contracts we deploy for this purpose would not be considered leverage within "our" system protocols. Hedge bulldogging is a word we coined years ago with our FCM's (futures commission merchants) which means covering hedges, hopefully for a profit, and sending the monies to the securities houses for deployment.

The framework of our system is that of a core-satellite construction.

We also, never use, and haven't used "new" money for purchases to our core for decades. All our core purchases are derived from the satellite component (hedging) and how successful we are at this endeavor.

As for when we got hedged, it was some time back, and we have been scaling out. Now the system is implementing the deployment sequence.

Z-alpha is systematic and is at the mercy of the market. But the algorithms of the system have a very quick response time and we have no problem with negative portfolio beta with some commitments. If today is the bottom, all the remaining hedge contracts will be covered quickly on the way up, and hopefully, there are some profits left to add to our core. If not, we'll just wait for the next train to come along to hop on.

For us, investing is about the accumulation of core assets (hedge bulldogging) and mitigating the interruption of the compounding rate of time. The upside takes care of itself, its the downside that needs assistance.

The strategy is simply to buy, forever hold, collect, protect and repeat. We are bought to forever hold investors, and this is the reason we visit this thread, and not to mention F&G's experience and his matter of fact personality.

We hope this adds value and further questions are most welcomed.
All this positive discussion around hedging is soooo amusing :) :)

Z-alpha Trading System ... a couple questions about your hedging method:

1) Does your hedging method lock-in profits as markets decline? If so, how? For example I use staggered put spreads and roll them down as the market approaches what I believe are support levels where the market may pause and/or start to recover. Each time a spread is rolled-down after the market moves down profit is realized ... meaning that profit isn't given back even if the market has a V-shaped recovery.

2) Do you hedge continuously, or do you initiate hedges based on events with perceived high risk? If it is event based, do you have guidelines for assessing and initiating? When did you encourage your clients to initiate hedges for COVID-19? For example, I initiated a hedge for my portfolio in Jan ......
...... after assessing that the aggressive spread of COVID-19 in China could, at a minimum, disrupt the world's 2nd largest economy, with aftershocks to other economies. And in a worst case scenario, result in a pandemic. Since then the S&P is down ~750 points (3/12), resulting in significant profit locked-in after multiple put spread roll-downs.

Good trading ! Dave
LTTFTrader profile picture
At www.cdc.gov/...

You will find the following:

"In the spring of 2009, a novel influenza A (H1N1) virus emerged. It was detected first in the United States and spread quickly across the United States and the world. This new H1N1 virus contained a unique combination of influenza genes not previously identified in animals or people. This virus was designated as influenza A (H1N1)pdm09 virus. From April 12, 2009 to April 10, 2010, CDC estimated that there were 60.8 million cases (range: 43.3-89.3 million), 274,304 hospitalizations (195,086-402,719), and 12,469 deaths (8,868-18,306) in the United States due to the (H1N1)pdm09 virus."

How many remember this? Was this identified as a major crisis with numerous quarantines, stock market plunge, predictions of overload of the medical facilities, etc.?
Fear & Greed Trader profile picture

I do---- 😎😎😎

but no one wants to listen to that now 😎😎

and I WARN you, anyone that speaks the truth like u just did will be scorned for playing this corona event down


its why I have given up posting ANY virus info

no one wants to hear it, easier to speculate

it fits with the fear that has been deposited in our brains 👍👍
To be fair the 2009 flu had a much lower fatality rate and its infectiousness at most as much as covid but likely to be quite a bit lower then covid.

Also 2009 flu came after the great financial crash. We were only at all time highs just a month or two back. Lot of high expectations going into this crash.
David Haggith profile picture
@Fear & Greed Trader I'd be the first to say the virus stuff is mass hysteria (and I did in one of my articles), but I also said that doesn't matter because there is nothing like mass hysteria to crash a market, and ANYONE should have seen that coming. When a market is priced to perfection in an extremely imperfect world, get the heck out! The whole economy was Fed-rigged house of cards, riddled with with deep and tragic flaws:

Corporations loaded up on debt just to give money to shareholders spent all their creditworthiness and now need government loans to carry their zombie butts to safety.

Corporate debt was increasingly downgraded to near-junk status, so now we'll see a flood of credit rating downgraded to junk, which will force additional huge sales by the big institutional investors prohibited from carrying junk.

Sales, revenue and real earnings all down for more than a year, but masked by things like corporate tax breaks that made earning looks better even though business wasn't.

Corporate tax breaks that certainly didn't pay for themselves, and CORPORATE tax revenues are WAY down. Hyuuge expansion of government debt with $1.2 trillion deficits as far as the eye can see, and only 2.1% GDP growth to show for it all after two years!

Government spending already higher than ever, and Trump now promising to double down on that!

More MBS and other derivatives than just before the GFC with no more transparency in many cases than those things had in the first place.

Housing prices pushed again by loose and sloppy credit terms right back into the stratosphere.

No one being forced to adhere to GAAP account, so their profits are mostly smoke and mirrors that would never stand up to stringent accounting. Show and tell.

Banks that were "too big to fail" all allowed to become twice as big as they were before the GFC, instead of barring them from further acquisitions and mergers and even forced early on as part of the Fed's solutions to gobble up other too-big-to-fail banks, instead of being broken down into smaller companies like Ma Bell. Witness the explosion in telephony that happened after that!

It is ridiculous how stupid we are just to prop up a stock market in get-rich-quick greed!
diroha profile picture
Conditions are perfect for a bottom EXCEPT we have yet to see coordinated forced selling of highly margined accounts and the screaming to get me out at any price. That will be the time.
Just now reported, The FED is adding $500B in the Repo Market today, with a promise of another $500B tomorrow. . . . , and the bloodbath continues with a tourniquet being applied as I type this.
diroha profile picture
This simply protects the banks, they need to backstop everything
David Haggith profile picture
@diroha And you've been saying that all the way down, which is why your now down 27% and still falling! Do you ever stop dreaming the bottom is in? You should have gotten out a month ago, but maybe you hate hanging on to your money. It is not as though it was the least bit hard to see this coming, especially with me trying so hard to point out WHY it was a house of cards and why it would blow down under with just a few fleas of the black swan's wings. This was NOT hard to see coming. Not if you took the greedy blinders off.
Z-alpha Trading System profile picture
This material should not be construed as investment advice.

After weathering five bear markets and now participating in number six, this will be our course of action going forward. At 2550 (today), we will begin to increase the core portfolio exposure by 10% with new purchases and hedge bulldogging. This execution pattern and exposure percentage will be systematic at every 100 point handle (2400,2300 etc.). This process will continue until the market stops delivering, or the core portfolio has 80% exposure, whichever comes first.

The current price action structure in the markets today will deliver some of the best opportunities "ever" in this business. The quants are in disarray (from our knowledge and sources) and are exceeding their designed limits because of gap opens, uncontrolled intraday lot purchases, etc.

We are concept consultants to the industry and operate as a private family trust with zero motive and hope this adds value.
LTTFTrader profile picture
@Z-alpha Trading System ,

That may be a reasonable plan. But if you don't mind my asking...

1. What was your position when starting purchases at 2550 today?
2. What is "hedge bulldogging" ?
3. What will you do if the low was seen today?

I'm now at about 70% cash (I sold mostly when Russell 2000 was in the 1575 - 1620 range on 2/24 & 2/25 as posted here) and have some ideas about what to do but I don't have the stomach to buy anything now.
Fear & Greed Trader profile picture

thanks for sharing your ideas 👍

excellent common-sense strategy
David Haggith profile picture
@Fear & Greed Trader That's what you've been saying ever since the start of the year! Same advice, no matter what, find something to buy all the way to the bottom. Keep enjoying your losses while I enjoy my gains (again).
Oh boy. The daily flushing continues.

Interesting low so far for fib followers but it is early. 2508.93 so far which is close to the last fib from 2346.58 (Dec 2018)- 3027.98, notable break out level. the last fib before the 100% retrace is 2507.39.

Once that gets breached, while I'm sure there are other levels in between by various measures, it opens the door to a 100% retrace.
Tiki Bar Capital profile picture
FGT & Friends --

1. As of yesterday (3/11), we are officially in a bear market.

2. The VIX is spiking over 63 in the premarket this morning. Historically, this is highly unusual -- not since the Financial Crisis.

3. Bitcoin (BTC) crashed over 20% overnight. To me, this demonstrates full capitulation in "risk on" assets.

4. Yesterday was a mass liquidation event. Investment grade bonds and gold sold off in addition to stocks. Fast money is desperate to get liquid.

5. The limit downs were tripped in the futures market overnight. Count on more of the same during market hours today.

6. Realistically, we're looking at the prospect of 30% off the highs of the S&P 500 today or tomorow.

Personally, I expected a more comprehensive response from the Trump administration by now. Government always seems to be behind the curve on fiscal relief. Disappointing.

The financial panic will only stop when the market understands what to expect and can model likely outcomes. Only government can supply that data -- we need to know (a) the government's plan to address the outbreak in the US, including the extent of anticipated quarantines and shutdowns, and (b) the monetary and fiscal support the administration intends to offer through existing federal programs and requests to Congress.

So far, the Trump administration has been on the back foot. Last night's address by the President helped convey the seriousness of the situation, but was short of details on how government will respond. Frustrating, but I expect more details to come out soon.

Until then, the market will probably remain in panic mode. And if the details of government action fall short of expectations, the market will continue to panic until the government rises to the occasion.

QUESTION: For long term investors, when is the best time to buy stocks?
ANSWER: When the market is in panic mode.

Yesterday, I was a buyer of stocks. I'll probably buy more today. I'm legging in very incrementally, knowing there's likely to be even better prices ahead. But I'm also keeping in mind that the market can erase losses very quickly once uncertainties are clarified.

I wish we had a President who inspired more confidence. That said, I have little faith my own political party would do any better under the circumstances. These are tough times.

Good luck to all.

Good and sensible post! It is likely the markets will sell-off quite a bit more but this is certainly the time to think about buying. I have also been incrementally buying, although its been about buying back in after selling in the months prior to this crash. A great way to lower my cost base and therefore boost overall returns.

I am yet to buy back in all that I have sold previously - I had started selling last year in the summer, thought I was a bit silly given the gains thereafter but sold quite a bit more since the start of the year, placing the funds into conservative funds.

I have some dry powder and soon to have more due to an equity release. Looking to deploy that when things really go into panic overdrive - probably another 15% down from today.

It is worth remembering in times like these to always have a plan on your investments, ideally written down somewhere. Stick to it so you do not do anything stupid during the good times and bad.

It is also probably worth assessing who you follow and listen to when it comes to investments. This goes hand in hand with how you think of investing and what your goals are. Mine have certainly changed over the years. I take a much longer outlook to things now. And the only people i trust when it comes to managing money are Peter Spiller (of Capital Gearing Trust), Howard Marks (of Oaktree Capital) and myself (in no particular order).
diroha profile picture
@Tiki Bar Capital Don't disagree but there can be a huge wave of selling late in the day, best to put in what seem like crazy prices to buy your favorite stocks and they might just get filled. No need to pay up. This situation has destroyed any type of portfolio but more importantly any leveraged portfolios will be forced to sell and that is when the system will clear.
Buy some now. Wait for them margin calls to hit. We been due for a bounce for weeks so don’t ever assume it’s gonna bounce. Stocks below 10 dma all the way up to 200 dma are near all time lows. Most in January were praying for a 5% pullback because they missed the boat.
I thought the Air was being let out of the bag. Turns out its the Flaring of Natural gas. How many Trillions of Market Cap has this Crash burned Through? Bulls make Money, Bears make Money, PIGS get slaughtered. . . . , Perception is Reality. If there is no floor to Oil. There is less support for US Dollar / Petro Dollar then GOLD is going up.
Welp. We’re at that 2650 number that everyone laughed at me about. Futes are at 2630.
David Haggith profile picture
@ffighter71 Yeah, they laughed at me, too, from January until now, and some are going to keep laughing because of their egos; but the facts on the ground are that they're losing blood faster than they can drink water, and the bear is following their trail. So, they can laugh until the bear finishes eating them. Stay warm and dry. Fighter.
Fear & Greed Trader profile picture

still laughing

@Fear & Greed Trader
"ALL during this BULL market, I viewed such pullbacks as buying opportunities..."
"Facts tell us until proven otherwise, this time frame should be viewed as a correction in a BULL market trend."
"Until shown otherwise I remain with the notion that this time will not be different. "

And so why am I picking on you? Because everyone on this site claims to be a genius riding the Fed bubble but who has what it takes when the going gets tough? I can lose money for free, I don't have to pay an advisor.
Good comment Don,

F&G would drive through an orange-striped barricade on the road because clearly that barricade was put there out of fear, not because there was a gaping hole on the other side.

If only there had been some warning signs 6-7 weeks ago.

Signs? Ignore them! Keep driving off the cliff.

Maybe F&G can use his advisory fees to take his clients to an NCAA game, er, maybe an NBA game, oh uh, maybe a nice vacation to Tuscany? Oh right. Maybe to Japan for the Olympics? That hasn’t been cancelled (yet)
Fear & Greed Trader profile picture


u can destroy yourself without any help

and if u haven't listened to the last 5 years that's exactly what u did

Fear & Greed Trader profile picture

18 trading days we were at a BULL mkt high

the sign u mention were similar to all of the signs that u pointed out along the way for 5 years

hindsight is 20/20 and your views destroyed u for years
A.L. profile picture
FreightWaves.com reports freight flows through major ports. China bottomed around 02/15 and recovered fully around 03/08-09. China is sailing full steam ahead.
Fear & Greed Trader profile picture

thanks for the info
LTTFTrader profile picture
@A.L. ,

That was a pretty fast recovery from February, when most of their economy allegedly was going to shut down for multiple months.
Fear & Greed Trader profile picture

get ready to be attacked by those that don't trust the Chinese data

especially ANY positive data

only negatives are to be believed

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