On Wire

Breaking news, updates, and reports on current events.

Gonna be a wild week as support has been breached

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Gunna be a wild week as support has been breached. pic.twitter.com/TXn42fTcWp — The Great Martis (@great_martis) March 21, 2020 🤔Waiting for a final Whiplash if ´87 model is on track @TradersCom @EconGlobal @AlessioUrban @MI_Investments @SpeculaThor @bocajoes @trading24h @LordPolemos @ARCDEPOT @Rafael60980545 @2020ninewaves @mah1mah1 @7LongGame @wheeliedealer @siddiqui71 @rsroc2 @jraixelamarkets @paibad pic.twitter.com/E3X0NkALfD — Antonio PĂ©rez-Algás (@apanalis) March 19, … Read more

Short Take on the Long Line to Recession

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by David Haggith  Just as stocks were taking a morning breather while I was enjoying my coffee as I wrote down these first Coronacrisis recession stats, Goldman Sachs churned out a heart-ripping prediction for the end of the week. It’s been a long line of facts to the recession, but the last step is a doozy! … Read more

Texas oil producers ask state to limit output as prices collapse

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Article: https://www.reuters.com/article/global-oil-shale-regulation/texas-oil-producers-ask-state-to-limit-output-as-prices-collapse-idUSL1N2BD01H So US producers have been looking for some way to end this oil price war while staying within the limits of US law and it look likes they’ve approached the Texas RR commission to use their regulatory authority to do and approach OPEC on the matter. Though there is some opposition from people within … Read more

Marriott CEO says coronavirus is worse than the Great Depression and World War II as he cuts his salary to $0 – while Goldman Sachs says unemployment claims have already risen to TWO MILLION across the US

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Marriott CEO Arne Sorenson said coronavirus ‘is like nothing we’ve ever seen before’ and is having a greater toll than World War II on the hotel industry He axed his own salary and slashed senior exec salaries by 50% Friday Goldman Sachs predicted that a record 2.25 million Americans could enter claims for unemployment benefits … Read more

After the stock market crash of Oct. 29, 1929, the S&P 500 fell 86% in less than three years and did not regain its previous peak until 1954.

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https://www.cnbc.com/2020/03/20/analyst-anticipates-worst-crisis-since-1929-amid-recession-fears.html ‘Isaacs said the 1929 Great Depression was the closest bear market comparison. After the stock market crash of Oct. 29, 1929, the S&P 500 fell 86% in less than three years and did not regain its previous peak until 1954. “That might coincide in mid-to-late April with some abating of the extreme lockdown in … Read more

Unemployment from 2,000 to 80,000 a day in California

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by biotechvest “We average about 2,000 unemployment insurance claims a day,” Newsom said. “Two days ago or three days, we saw about 40,000 applications. After that 70,000 applications. Yesterday, 80,000 unemployment applications.” I won’t be surprised if it reaches 150K a day by next week. What’s happening is unheard of. California unemployment claims to 80,000 … Read more

Why nobody is getting a bailout

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by dethneer Ok so it seems like every company and industry is coming out of the woodwork to ask the government for a bailout, from hotels to restaurants to manufacturers. Freaking Wendy’s mooned 40% yesterday because of bailout hopes. However they fail to realize that the Trump administration is stingy af and no one is … Read more

I’m a Leverage Finance banker, this is how I see the markets playing out.

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by smerff First of all, I’ve lost $12k since yesterday mornings open. LYV, NCLH, and SIX puts that I bought yesterday. I’m not worried, I know I’ll be cashing before their expiration. We’ve got more to fall. A lot more. Credit agencies have barely started their corporate downgrades yet. No bond or loan payments have … Read more

Bank of Japan loses up to 3 Trillion Yen ($27bn) in stock ETFs. Decides to double annual purchases.

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by SpontaneousDisorder By the end of the crisis will central banks have just nationalized everything by buying up stocks and corporate bonds? Who gets to vote on this socialization of the means of production? BOJ-Held ETFs Carrying 2-3 T. Yen of Loss: Kuroda Tokyo, March 18 (Jiji Press)–Bank of Japan Governor Haruhiko Kuroda said Wednesday … Read more

Russia Won’t Blink First In The Oil Price War

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By Tsvetana Paraskova Russia will not be the one to first demand a stop to the oil price war with Saudi Arabia because Russian President Vladimir Putin is unlikely to yield to what he sees as “Saudi blackmail,” sources familiar with Moscow’s thinking told Bloomberg. The OPEC+ coalition between OPEC’s leader Saudi Arabia and the leader … Read more

Here’s How to Save America, Mr. President

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by Wayne Allyn Root All my life, four titles have best described me: Conservative, Libertarian, Capitalist and Contrarian. Keeping those in mind, I have great questions and doubts about what roads have been chosen to combat Coronavirus. I think it’s our right and duty to ask questions in a free society. I just don’t know if … Read more

Three months later…global pandemic.

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Police in Central China's Wuhan arrested 8 people spreading rumors about local outbreak of unidentifiable #pneumonia. Previous online posts said it was SARS. https://t.co/oVpk4EIYM7 pic.twitter.com/JXbK9pmq8v — Global Times (@globaltimesnews) January 1, 2020 F*ck the CCP. F*ck communism.     h/t Builder

US Debt To GDP Will Hit New All-Time High In 2020

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by C Hamilton  Summary Coronavirus is no plague or Spanish-flu, but we aren’t who we once were either.  So the end result may be the same?!? The young (representing the future) cannot cover the rapidly growing debt…and the policies to avoid dealing with the debt are ultimately destroying future economic activity. The US is going bankrupt … Read more

Two Ways the Coronavirus Can Take Us

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By Harry Dent We’re now in week two of serious disruption as a result of the coronavirus, and the markets are in the middle of what’s looking like an extremely steep crash. Only 1987 can compare, and those circumstances were totally different. I’ve spent the week trying to sort out what we should expect to … Read more

How Dead is the Fed?

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by David Haggith You can only be so dead, and that’s just “plain dead.” But there is also Feddy Krueger dead. The kind of dead that keeps on happening like a demonic death that won’t stay dead. It is in that nightmarish Elm St. light that I’m going to review the Federal Reserve’s death. It’s happened via face-plant … Read more