What’s going on in the world…
Market opens sharply lower to start the new Quarter. We just closed the books on a terrible Quarter. It was the second-worst in Stock Market history. Earnings and economic data are going to be bad, really bad. We know this. Everyone knows it. How bad and how long is the question. We will get an initial idea how bad soon with Earnings Season this month. Not every company will report. We will get economic data too. The how long will be driven by the virus. That will take time. Patience is required. There was a warning from President Trump that the coming weeks would be “very painful” and White House projections of 100K-240K U.S. deaths from COVID-19. Trump reportedly spoke with Vladimir Putin to try to negotiate a truce to the Oil war with the Saudi’s. It is crushing everyone in the Oil patch. Selling has returned. The new Quarter is bringing more red. A retest of the lows seems likely. We are ready and positioned for it. Expect the choppy price action to persist for a while longer.
Have a great morning,
Mike Frazier
