http://pensionpulse.blogspot.com/2020/03/the-ackman-bottom-or-bottom-of-hell.html
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The market was puking so hard on massive volume that it felt like capitulation.
It made me wonder if Ackman called his hedge fund buddies earlier today to tell them he was going on CNBC to scare the the living daylights out of everyone and that the ensuing panic will be a great time to load up on stocks.
In fact, stocks did manage to rally a bit into the close but they were still bludgeoned in yet another volatile session on Wednesday, sinking to a three year low as worldwide cases of the coronavirus soared above 200,000, and wiping out all of the gains made since President Donald Trump was inaugurated on Jan. 20, 2017.
As bad as things are in markets and the economy, I'm not panicking yet.
When people ask me where stocks will bottom, I tell them "nobody knows" but keep your eyes on some important technical levels in the S&P 500 ETF (SPY):
As long as it can hold above its 400-week moving average (210), then I wouldn't panic, but if it falls below, we might be in for a protracted bear market the likes of which we haven't seen before.
Let's face it, the world is dealing with a pandemic, it is bad because it's easily transmissible as many asymptomatic or mildly symptomatic carriers are unknowingly (or knowingly) transmitting it and nobody wants to lose a loved one to COVID-19, but it won't spell the end of civilization.
The biggest challenge policymakers have right now is to take care of millions of workers who are out of a job literally overnight and need money to pay for food and rent.
On Tuesday, Treasury Secretary Steve Mnuchin outlined a stimulus plan, including payments to small businesses, loans guarantees to industries such as airlines and hotels, and stimulus package to workers stating "we are looking at sending checks to Americans immediately":
