Panicky sellers who dumped their positions on the opening tonight paid a very heavy price, since the thieves who control the game gave them a bid 45 points below Friday’s close. This manipulation will have exhausted sellers, at least for the time being, making it easier for the thieves to unload their inventory at higher prices during the day. Even the predators will have to be careful, though, since the investment world has finally caught on to the fact that economic fallout from the coronavirus is going to be a very big deal — even if the bug itself is eradicated tomorrow. A quick die-off seems unlikely, but the story itself is picking up steam. It grew much scarier over the weekend, so much so that most traders are probably wondering why they didn’t have the good sense to get short up to their eyeballs at the close on Friday. Looking just ahead, the 3278.00 midpoint Hidden Pivot shown in the chart can be used as a minimum downside objective, but also to bottom-fish if you trade this vehicle actively. My gut feeling is that the selloff will reach the 3252.50 target in the next day or two, giving this week the worst start investors have experienced in long while.
