Did Bear Market Roll Over For A Nap?
Following the historic market plummet on Thursday, indexes roared to the upside on Friday for the biggest rally since 2008.
As shoppers rushed to the stores nationwide to fill their coronavirus pandemic pantries, there was a rush to buy in the volatile stock market.
All indexes regained most of what was lost Thursday during the biggest loss since “Black Monday” in 1987.
The Dow recouped 1,985 points, the S&P 230, and the Nasdaq 672. Each was up more than 9% on the day.
Trading opportunities seemed fleeting throughout the day. The market opened up with a 1,300 point spike, settled down lower, surged again midday, and then raced up 1,000 points after President Trump declared a national emergency due to the coronavirus.
Trading moderators in the Simpler Trading online chat room waited much of the day for clear direction from the market. Sharp rises and falls throughout the day kept many traders on the sidelines.
The weekend may be a good time for traders to rest up after an exhausting roller coaster ride through the markets this weekend.
Those who maintained capital in their accounts are well positioned with whatever the market decides to start next week.
The bull market died Thursday with the bear market taking over, but next week is an entirely new session with plenty of unknowns to play out over the weekend.
We Saw: Friday the 13th with a rip to the upside —
- The bear market taking a nap?
- The bull market placed on life support?
- A national emergency during an historic market
We’re Watching: … what rolls out over the weekend —
- The principle we kept in our accounts
- Any indication of a sports season revival
- These tickers: BYND, GDXJ, NFLX, TDOC
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