It appears Wall Street will end this roller coaster week on a down draft as institutional investors do not want to hold equities over the shortest weekend of the year.
Dow Jones futures look to open down 800 points after Thursday’s 970 point drop.
Reports of global Covid-19 cases rose more than 100,000 as well as financial firms issuing layoff notices have investors looking for the door.
As I wrote yesterday, this is just the beginning of the meltdown as investors flee to treasury bonds, gold and bitcoin in an effort to preserve assets.
I do not want to sound like a broken record, but I told my readers last month that stocks were going to be hit hard as China trade ground to a halt over the coronavirus outbreak.
While financial advisors will tell you to buy the dips, you do not want to catch a falling knife. I believe there will be ample time to buy before stocks put in a firm bottom.