The few sure bet big name "safe growth " stocks cracked and were hit. Alphabet, Facebook, Netflix, you know the rest. S&P closed at first "support level" 1880, after breaking below the 1900 psychological number.
Mom and Pop and 401K mutual fund holders still want out of the market. Transferring to Govt. bond funds as evidenced by Treasury yields dropping daily. Next S&P support looks around 1850-60 but only minor. Real support is a test of 1812 . Then a break down to 1780 -90 area. What does that mean for UVXY ? Depends on how fast it happens. This move for UVXY looks 50 next week and 60 soon. Could spike higher depending on momentum. JMO
Bernie Sanders has the answer. Tax the .... out of anyone who could turn the economy around and let's all be equally poor. Young people are loving his socialist siren song. It's never worked anywhere.
Early bounce and UVXY buying op hopefully around 40. Market will continue lower IMO. Watch S&P for a break through 1900 on the way to test the recent 1812 low. We are in the middle of earnings report season.
Don't be miss-lead by companies beating Analyst estimates. Analysts have learned to low ball estimates to stay in the biz. Guidance is the key from reporting Cos. Little to rally this market IMO. Oil will continue to move down for a test of mid 20's low IMO. Junk bond crisis is in the cards and banks are in a similar situation.