The Rollercoaster Ride Has Begun

by | Mar 8, 2020 | Newsletter | 59 comments

Last week in this column, as you might recall, I noted that the coronavirus panic had already produced “the worst week in the markets since the financial crisis, including the worst two-day point drop in Dow Jones history.” And I also warned that “the economic effects of this event are going to be very real and very profound.”

Well, here we are all of one week later. And what a week it has been. Let’s review, shall we?

March 2Dow surge is the biggest-ever point gain

March 3Dow drops nearly 800 points after the Fed’s surprising news about the economy

March 4The Biden Bounce: Dow Futures Up 666 As Traders Forget About Panicking Fed

March 5Global Markets Follow U.S. Stocks Higher

Uh oh! I’ve got egg on my face, haven’t I? Here I was thinking a massive disruption of the global just-in-time supply chain was going to expose the Everything Is Awesome! phony baloney fiat economy for the Ponzi scheme that it so obviously is. But, as MarketWatch tells us, “[a]fter the worst week since 2008, the Dow is now on pace for its best week since 2011.” I guess Trump was right after all: Everything is under control and this is a great buying opportunity!

So, are you feeling optimistic about the global economy now? Yeah, neither am I. Here’s why . . .

Find out what the market mayhem of recent days really means in this week’s edition of The Corbett Report Subscriber newsletter, Then, stick around for recommended reading, viewing and listening.

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