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Boeing SHORT

by SignalFactory   ·  March 12, 2020 | 12:49:55 UTC  

Boeing SHORT

by SignalFactory   ·  March 12, 2020 | 12:49:55 UTC  

Dow Jones Today, Bear Market Worsens On Trump Response To Coronavirus Pandemic; Boeing Shares Collapse.

Dow Jones Today, Bear Market Worsens On Trump Response To Coronavirus Pandemic; Boeing Shares Collapse.

Stock futures ripped toward new bear market lows Thursday as global markets reacted to a Wednesday night speech from President Donald Trump that ramped up the U.S. response to the coronavirus pandemic. Travel, transport, and oil stocks were among the hardest hit in broad premarket selling. Investors pummeled Boeing (BA) on the Dow Jones today, after a downgrade from JPMorgan. Biotech Co-Diagnostics (CODX) provided the premarket’s only real advance.

Nasdaq futures, Dow Jones futures, and S&P 500 futures all dropped in the 5% range, tripping circuit breakers designed to prevent accelerated sell-offs. The Dow industrials officially dropped to bear market status on Wednesday, trading more than 20% off its Feb. 12 high.

Bonds soared Thursday morning, sending the 10-year yield down 19 basis points to 0.68%.

More than two-thirds of the Dow’s 30 stocks were down 4% or more in premarket trade. Apple (AAPL) dropped 7%, Microsoft (MSFT) was down 5%. Boeing took the hardest whack, skidding almost 14% lower ahead of the open.

JPMorgan downgraded Boeing stock to neutral, from overweight, and cut its price target 43%, to 210. The note said anticipation of the return of 737 MAX production was now further affected by demand loss tied to Covid-19 issues. The report, titled “It’s About the Virus Now,” said the brokerage would “re-evaluate when we have a better sense of how Boeing will get through this.”

The Dow dropped more than 20% from its Feb. 12 high on Wednesday, launching its first bear market in more than a decade.

Global Markets Tumble

Global markets spiraled lower after President Trump ramped up the U.S. response to the coronavirus pandemic on Wednesday night. Hong Kong’s Hang Seng Index stabbed 3.7% lower. The Shanghai Composite dropped 1.5%. In Japan, Tokyo’s Nikkei 225 ripped through a 4.4% sell-off.

In Europe, where travel to the U.S. was now banned in all countries outside the U.K., benchmarks in Frankfurt, Paris, and London all fell to losses of nearly 6% just past midday.

In addition to stock markets, oil prices fell hard Thursday, with West Texas Intermediate crude down 5.5% to $31.15 a barrel. Europe’s Brent crude benchmark dropped 5.8%, to trade at $33.73.

Boeing SHORT (Sell)

Enter at: 185.08

T.P: 163.65

S.L: 202.75

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