Stocks were hammered today, with the SP setting its biggest one day decline since last October.

So much for JPM's advice to 'buy the dip' the other day, and all the cheerleading and happy talk from the financial media and Wall Street mouthpieces.

The Dollar slumped again today, even as gold and the VIX were climbing.

Let's keep an eye on that.

The cause of this was the coronavirus, which the Wall Street spin machine had been actively talking down after the initial plunge in stocks on Monday.

There was a flight to safety rally into the precious metals, but it seemed a bit subdued, certainly lacking in any panic.

Last night I posted the recent clearing report that showed buying at $1583 in the Feb futures by some of the Banks for their house accounts.

United, American, and Delta Airlines have joined many of the international carriers and canceled all flights to and from China.

The Fed has decided to weaken the Volcker Rule even further. Well done.

The market will be watching the Chinese and other Asian markets as they open on Sunday evening.

As you know China's financial markets have been closed for the lunar New Year celebration, which had been extended.

It appears that the Senate will toddle on to its acquittal of Trumpolini without hearing the rest of the evidence and witnesses, blaming the House for not working harder to overcome the Trump Administration's very active obstruction.

My 'bullshit meter' was very active while I watched the tube and read the news today.

If yours was not you may wish to calibrate it.

Tonight the UK will formally engage in Brexit, although there will be a 'transition period' until the end of the year. I wish them well. 

I have marked some key support levels on the equity charts.

There will be the Statue of the Union on Tuesday evening, and the impeachment vote sometime next week most likely.

Have a pleasant weekend.

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