iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,200 Blog Posts

Futures Plunge After Trump Places Pence in Charge of the Coronavirus

I don’t give a shit how you feel about Trump — this is some stupid shit. Incredulously, and in the midst of a pandemic breakout, Trump placed VP Pence in charge of the coronavirus response in America. What in the fuck is going on here?

I’ll tell you what’s going on. Narcism. This is how rich people act. When faced with an issue that is inextricable, they find fall guys — someone to shit upon. If Pence does good, Trump is a genius for appointing him. It’s all bullshit and people know it. He announced for a surprise meeting at 6:30pm today to discuss the virus. His plan was literally shit upon by Wall Street and now we’re really reeling.

Dow futures are OFF by 315, Nasdaq raped for 125.

Over in Germany, futures are lower by 2.4% and hilariously, Chinese equities are HIGHER by 0.4% — because that entire country is a scam.

The news is all bad, with breakouts all over the world, especially S. Korea and Italy. More specific to market stress is WTI and Brent crude, now crushed to $48. This will soon manifest itself by way of credit ratings and potential defaults for the oil sector.

Needless to say, we need some reflation and we need it soon. Do not be surprised to see the Fed ginning up some scheme soon. I sleep tonight with nearly 50% cash, short semis and FANG and long a shit load of virus stocks — but I too know this market rout can be suspended at any point in time with one presser from the Fed. My actual sense of the matter is, we deserve to trade lower by at least another 10%. Under those conditions, there is an enormous amount of money to be made short semis.

See you in the morning.

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15 comments

  1. 'merica

    What an assclown, literally just sealed his own fate. Total dope, as he would say.

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    • it is showtime

      some scuttlebutt – purposeful blunting at admin level
      – to create Trump inaction – blame

      Congruent With My Full Timeline Prognostication:
      The still-unfulfilled insurance policy

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  2. og

    Fuck me. I thought the 20% pullback in AMD was a buying opportunity.

    This administration is a complete clusterfuck.

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    • it is showtime

      You mean the provided
      EVERYTHING BUBBLE
      they flagrantly overtly
      gave
      him

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  3. moosh

    VP should be most trusted person of any US President in these matters. Would you put someone like your Benz mechanic in charge of giving you all of the info for which to trade off of?

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    • 'merica

      Because lifelong politicians have proven to be trustworthy. I get the point, and arguably the reasoning, even though it is piss poor reasoning. But the perceived image of this is just so bad. People will suffer and they will blame anybody who looks like they didn’t care about them.

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    • numbersgame

      That’s the problem with Trump: trust, ie, loyalty is how he picks “the best people”. Pence probably think that COVID-19 is part of the Rapture and he is God’s chosen prophet.

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      • 'merica

        Agree completely. I don’t know if it is trust/loyalty as much as it is that he can’t handle someone with a view that conflicts with his goals. So damn bullheaded he makes too many bad decisions. Still wouldn’t take my vote back, but damn, things are changing.

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  4. one-eighty

    Pence is going to demonstrate the power of prayer in fighting the virus.

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  5. narcist

    “I’ll tell you what’s going on. Narcism.”

    ¯\_(?)_/¯
    Sorry, we couldn’t find: narcism

    I am a Nazi *narcist* and English is my second language.

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  6. KDog

    Is it really surprising?

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  7. mad marsupial

    Futures crashed when the “unknown origin” virus case in California hit the wires. It wasn’t Pence. I don’t think markets could care less about Pence or anything he does or doesn’t do. .

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  8. purdy

    The three docs who spoke were just fine, but they each spent more time complementing Trump’s wicked awesomeness than giving info on the virus. And the press totally sucked, not one question about the Rvalue, who in the population is most vulnerable, death rate, test kit availability, likelihood of asymptomatic people spreading it right now…and such.

    And you are right on about VP assmunch Pence. At the end, Azar did his best to save show.

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