fell 261 points or 9.5% to 2,480. The Dow and S&P are deep in bear market territory, off 28% and 27%, respectively, from their all-time highs.According to Bianco, Wall Street may still be in shock due to the magnitude of the Fed's move. Plus, he suggests there may be logistical issues.
"[New York] Governor [Andrew] Cuomo just announced that any gathering of over 500 people in New York State is banned. So, these big dealer desks are now going to have to figure it out from home," he said."If we're going to get widespread shutting down of businesses, we will probably do the same thing with the financial markets," he said on the notion it could contain the virus and economic damage.
Bianco, who moved entirely to cash over the past few days, warns it's too dangerous to invest in stocks, bonds and even"If financial markets don't start moving, and if a trillion dollars cannot get them off the lows of the day of $500 billion today, $500 billion tomorrow, then we're going to have to start worrying that a panic is going to set in... and we're going to see a lot more losses as we go forward," Bianco said.
TradingNation A change of the Guards will. Whisper in the ear of the market that, 'Trump has been defeated by Joe Biden'...and I'll guarentee, a Bull Market!
TradingNation The market needs. US leader. We don’t have one right now. Please GOP and tell all your GOP friends, Do Not Allow Trump to speak about Covid 19 in public. His misinformation hurts the market
TradingNation A karmatic-lessoned learned when FakeNewsMedia dumped fear mongering news 24/7, in the past 65 days. No one trusts a negativity spreader.
TradingNation he stupid give a man that has 500 billion another 500 billion and think that will trickle down,,,, no no no adding water to a levy in the wrong place will break the damn
TradingNation send me a check
TradingNation This is a greedy market though, wants way more than that. Hell is still lower for this thing
TradingNation Stocks! Are too damn high!
TradingNation But, Bernies 51 Trillion on Med 4 all will?
TradingNation From a BehaviouralDesign DecisionSciences perspective past mechanismdesigns to address WickedProblems will not work as do not catalyze SocialBehaviour and impact on Health and economicstimulus
TradingNation I disagree about part of this! I believe stock market will shut down. But not worse than 2008. When over, it will rear up & head back up quickly! Pent up buying & going places.
TradingNation The markets don’t need capital. They need confidence. They need stability. Neither of which the failed Trump administration can give.
TradingNation In other words a huge waste of tax payers money.
TradingNation Once US flattens the curve - market will resume its lift off
TradingNation The criminals have the markets on a selling program they will move back up violently when they cover their shorts
TradingNation Trillion of fiscal spending it would be 🔥🔥🔥. But trillion of 30 day repo?
TradingNation Trillion worked 12 yrs ago lets try quadrillion this time.
TradingNation Because that’s how it works everyone. The more and more intervention the less and less it will work. SportsAngle what’s our friend in markets saying now ?
TradingNation Money means nothing when we don’t have any answers on how to contain this virus. Health before wealth right? Maybe they should have thought about this months ago when we knew this was gonna be a problem, yet they did next to nothing.
TradingNation Because it’s not “free” money and it signals panic and drastic measures.
TradingNation Its the sentiment bro. $10trillion might move the needle though.
TradingNation 1000 dollars to each person in the United States a month is about 330 billion.
TradingNation You gotta focus bro.