US Futures Sunday Evening

Stocks slumped badly on the open at 6 PM Eastern time.

Limit down, right from the open.

They have since bounced a little off the lows. But I expect this to be another rough start for the week.

I decided that I needed to expand the charts a bit, and pick up some of the prior lows from the past.

The hit on the NDX chart support level was gratifying when I sketched it out.

Pictures From Crashes Past

"The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil. Perhaps this is inherent. In a community where the primary concern is making money, one of the necessary rules is to live and let live. To speak out against madness may be to ruin those who have succumbed to it. So the wise in Wall Street are nearly always silent. The foolish thus have the field to themselves. None rebukes them."

John Kenneth Galbraith, The Great Crash of 1929


"The fact that these foolish people are often stubborn must not blind us to the fact that they are not independent. In conversation with them, one virtually feels that one is dealing not at all with them as a person, but with slogans, catchwords, and the like that have taken possession of them.  They are under a spell, blinded, misused, and abused in their very being.

Having thus become a mindless tool, the foolish person will also be capable of any evil and at the same time incapable of seeing that it is evil.  This is where the danger of diabolical misuse lurks, for it is this that can once and for all destroy the human soul.”

Dietrich Bonhoeffer, Letters and Papers From Prison

Each financial bubble and collapse has common characteristics, while having their own peculiar character.

This that we are experiencing now is the third in a series of bubbles that started at the turn of the century.

I suspect it may prove to be the most severe, as compared to the last two.

The crash of 1987 was more of a trading anomaly and glitch in the financial system, similar to the panic of 1907.

I think we are in more of a Crash of 1929 scenario.

Let's take this one as it comes.

And be wary of the power of the well phrased lie, the same lies of the moneyed interests and their enablers and apologists, so often repeated in various forms, that have brought us to where we are today.

Stocks and Precious Metals Charts - Crash of 2020 - Stocks' Rally Attempt Fails, Goes Out On Lows

"This is going to end badly.  Big changes are coming.  What has been hidden will be revealed.  Rough seas ahead, mateys."

Jesse, 22 January 2020, I See It Coming


"Things are going to be getting very real this year, even as some continue to deny reality, to an almost astonishing degree of self-absorption and denial.  What is it going to take?"

Jesse, 27 February 2020


"Now is a good time to prepare, if you have not already done so, and to begin engaging in those simple procedures that may help us weather this."

Jesse, 28 February 2020


"There is no surprise that the one percent love the status quo.  Now they are counting votes, with an eye to a triumph in November.

Let them count the days instead, so that they may know what they have squandered in their greed and in their pride.

We have been lost for a long time.  Perhaps we can find our way again."

Jesse, 4 March 2020


“The truth is that we were so spiritually and morally bankrupt that we could not even see some of those lines: we stepped over them blindly. Other times we saw the lines alright, but we wanted to cross them...

It wasn’t God who was dead.  We were."

Ray A., Practice These Principles

And so here we are.

Stocks attempted to rally today.

But by the time that they fell back from their highs to unchanged, it was pretty clear that we were not going gently into the weekend.

Stocks went out on their lows.

We may be testing lower low next week.

Governor Cuomo's announcement that he is 'locking down' the State of NY tended to drive home the reality of the situation.

Gold and silver managed to hold a rally today.  That was refreshing.

The quad witch stock option expiration has arrived and gone, so the Banks can take a break from fleecing the public with their own money.   Just a break though.

At least four Senators were caught trading on insider information.  What made it even more reprehensible is that they took their profits while they were helping to deceive the public about the true state of affairs.

If you think it is only these four you might well be right, but I doubt it.

Because the numbers of sick and the dying is overwhelming the available resources, the Catholic church announced today a special forgiveness for those with the virus and their caregivers.

This is going to be a tough time.  For all of us.

And so we might as well be kind to one another, even the undeserving.  For who is deserving in the eyes of God?  And yet He forgives us.

No matter what comes, we can choose the way that we act.

We shall sing to our God a new song—  join in, or draw comfort and listen.

The mighty rise and are fallen, but the Word and the Spirit endure.

Need little - want less - love more.

Have a pleasant weekend.