The Gilmo Report

March 18, 2020

March 18, 2020

The market’s downtrend has gained more velocity as the action becomes more volatile and furious this week. The indexes gapped to lower lows on Monday, with the Dow posting its worst single-day decline since Black Monday in 1987. It sliced through its December 2018 low on the largest downside point move in its history.

Meanwhile, circuit-breakers have been getting triggered to the point where it’s almost commonplace both in the overnight futures and in the intraday index action. Another interesting factoid is that this is the first time since 1929 that we’ve seen the Dow have three or more 9% daily declines. It’s no longer “getting crazy,” it is crazy, as circuit breakers continued going off today while all of the major market indexes plumbed new lows.

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