Quote, dont go to crowded places. Look, thats going to slow the economy. We dont know by how much. Remember, friday, larry kudlow was on the show, told us that targeted stimulus is being considered. The fed is being urged to take steps, too. Were watching for any announcement. Heres the other big problem. The price of oil is tumbling. The saudis have launched a price war, promising to flood the world with a glut because russia wouldnt agree to production cuts. American drillers will take a huge hit. They cant make a profit at 30 bucks a barrel. 31. 89 right now. Look at this. Money pouring into treasury securities, pushing the yield way down to yet more record lows. Takes your breath away. We were down to 0. 31 at one stage. Now we are 0. 41 . Extraordinary. It has to be said, the United States is in a better position to weather this storm. That jobs report was a blockbuster. Look at italy. Its locking down a quarter of its population, locking it down. That lwill ensure a deep recessio
Capitulation. I think investors are trying to figure out when does it come. How do you know . Abigail you feel the panic and fear. Highyield is selling off , credit selling off. We are seeing the haven bid. The other thing you would want is that capitulation bottom. Technically, we are nowhere close to the bottom, so we could see days and weeks of this kind of relentless selling, very reminiscent of 2008. Take a look at the Energy Sector, down more than 15 , its worst day ever going all the way back. That is the degree of the fear, the uncertainty and the selling of an on today. David you are a technical person. Give me an example of resistance on the s p. Abigail we are looking more at support, which means we want to see where the buyers are stepping up. You want to go to a weekly chart on todays open. We are well through the 100 week moving average, which means we will probably find support down. If we are lucky, that is at 2640 , but i would make a case for 3300. When you have bonds
Making money. Im Charles Payne. Yes we are invested in you. Now over the next hour our studio audience they get to ask the questions. These questions will reflect the concerns of all americans. Questions that will play a decisive role in the upcoming election in how we tackle the pivotal issues of our time. By the way, allstar fox business lineup. Stuart varney, liz claman, dagen mcdowell. Give them all a round of applause [applause] we are going to tackle the war on the rich, student loan crisis, retirement. The economics of Climate Change. All of this and more, special Live Audience edition of making money. Bring them in. Stuart varney you know him. Host of the top market show on television. Varney company. Hi, everybody. [applause] charles thank you very much stuart. My pleasure. Were going to get right to it. I know that is how you like to do it. Situation son, give us your first question . I am a student, is it responsibility of the government to forgive student debt or cut the co
As previous days when it comes to losses. Romaine it is all relative. Scarlet lets check in with our reporters for more on the market action. Of the day,the end some of these mega cap tech names. The New York Stock Exchange faang index getting a big boost. Apple, the best day since 2011. Overall, the new york faang index getting its best day since the beginning of january. We had this huge move down yesterday, the big bounceback today. This index may suggest or downside is ahead. The new york faang index still above the 200 day moving average. At the highs, more than 40 above the 200 day moving average. Bearish divergence, falling rsi. Now we are still above that 200 day moving average. These you see some of mega cap names come down to earth, it is hard to believe a true bottom is in place. As the prices get set to hammer the oil companies, one corner of the industry is set to see some gains. Those Tanker Companies up about 15 . The Lower Oil Price makes it more profitable to actually
Making money. Im Charles Payne. Yes we are invested in you. Now over the next hour our studio audience they get to ask the questions. These questions will reflect the concerns of all americans. Questions that will play a decisive role in the upcoming election in how we tackle the pivotal issues of our time. By the way, allstar fox business lineup. Stuart varney, liz claman, dagen mcdowell. Give them all a round of applause [applause] we are going to tackle the war on the rich, student loan crisis, retirement. The economics of Climate Change. All of this and more, special Live Audience edition of making money. Bring them in. Stuart varney you know him. Host of the top market show on television. Varney company. Hi, everybody. [applause] charles thank you very much stuart. My pleasure. Were going to get right to it. I know that is how you like to do it. Situation son, give us your first question . I am a student, is it responsibility of the government to forgive student debt or cut the co