Dow Drops Below ‘Navarro’-Lows As COVID Case Concerns Soar Nationwide

Update (1040ET): It seems, all of a sudden, that the market is taking the risk of a second wave of COVID-19 seriously…ish…

• 0905ET California COVID-19 cases rise 3.9% or +7,149 to 190,222 (up from +5,019)

• 0938ET Texas reported a 7.3% rise in Covid-19 hospitalizations to 4,389 from 4,092 yesterday.

• 1033ET *FLORIDA COVID-19 CASES RISE 5.3% VS. PREVIOUS 7-DAY AVG. 3.7%

Slamming Dow futures below the Navarro lows…

Perhaps this is why?

ETRADE decided not to work this morning. My rep is on fucking vacation. THIS WILL NOT END WELL FOR YOU ETRADE #DDTG pic.twitter.com/BnQeWRGgXG

— Dave Portnoy (@stoolpresidente) June 24, 2020

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Reports of yet another record surge in California COVID-19 cases has sparked something unusual in today’s market – selling!

• California COVID-19 cases rise 3.9% or +7,149 to 190,222 (up from +5,019)

Additionally, Texas reported a 7.3% rise in Covid-19 hospitalizations to 4,389 from 4,092 yesterday.

Nasdaq futures were ubiquitously ramped at the cash open and briefly went green before selling pressure resumed…

The Dow failed at its 50DMA once again…

Dow futures are back at Navarro’s lows..

AAPL’s not helping – although the sudden panic-bid at the open did push Nasdaq green briefly…

Bond yields are also tumbling…

Is this move in stocks just another opportunity to buy for the RHers? Or is this the turn back to reality?