The 2020 trading year has started out as a two-day microcosm of what made 2019 so much fun. News of more QE from the Chinese central bank sent the market shooting higher on Thursday, and then news of the U.S. taking out a top-level Iranian commander in Iraq overnight on Thursday sent it skidding back in the other direction.
The action on Friday was not as bad as it started out to be overnight when the Dow futures were down over 400 points. As I blogged on Friday, the market is going to assess the likelihood and potential severity of any Iranian retaliation. However, in my view, despite the indexes closing off their intraday lows, a Pandora’s Box of sorts has been opened, and a whole lot of uncertainty is flying out of it.
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