Lock limit down


Staff member
As I type, all three, the Dow, S&P, and Nasdaq are ALL lock limit down in futures trading. That means they have reached their -5% collapse limit. I imagine we could easily see a good portion of the day spent in halted session at the NYSE. I sincerely hope NONE of you owned stocks on margin.

There are going to be a LOT of very stressed out people in the near future. It was bad enough to have this virus and the disruptions it has caused and NOW you have stock prices collapsing. Much of the good feeling that has caused record high "how do you feel about your future economically" polls was due to people's 401K's ever increasing value. I had one customer about 3 weeks ago comment to me that his personal wealth had gone up by $90,000 since Jan 1st. He had just bought a big RV and was looking forward to an early retirement. I imagine if the same polls were taken today, the outcome would be quite different.

Actually when I heard that poll announced a few weeks ago I immediately knew we were in severe trouble. Pride comes before the fall.