The Santa Ramona Chronicles

Local News & Events

Market News Update 03/09/20


Last week looked a bit grim as for the US trading as well for the British. DJIA finished on Friday at 25,864, SP500 2,972 and NASDAQ at 8,575. The numbers been going down from the last FED announcement which didn't help at all, only putting more bearish behavior on the markets. Through the weekend as trading stopped, DOW futures lost more than 1000 points finishing Friday trade at 25,789 just to wake up on Monday morning with a headache of 24,188. Monday trades are not looking so good either. As the oil trade war between Saudis and Russia emerged, the oil sells noted biggest drop since 2014, dropping 10% between OPEC and its allies. Crude oil CLJ20, -18.484% BRNK20, -19.837% followed that pullback with a 20% drop Monday, while the Dow Jones Industrial Average DJIA, -6.543% shed 1,500 points in a bruising session to start the week. As to add to the chaos and pain caused by the oil prices dropping to the lowest point till 1991 first Gulf War, the prices are putting pressure on credit and leveraged companies adding extra stress on their debit caused by the virus outbreak.

As we speak now some people suggest that the market it self is approaching a bear point as it was on the bull, up from 2009, coming out from the housing bu