The moment we’ve all been waiting for! The S&P 500 has finally touched the 200 day moving average, up 35% from the lows reached on March 23!
Time to short??
Back in March.19th, Dalio was projecting up to $4 trillion in corporate losses could result from the economic closures caused by this coronavirus outbreak.
In addition, as reported by Yahoo on May.13th, Goldman has upped their unemployment forecast from 14% to as high as 25% — an unimaginable figure.
“1 in 3 S&P 500 Companies Have Withdrawn EPS Guidance for 2020”
“blended (year-over-year) earnings decline for Q1 2020 is -14.6%” (biggest single year-over-year decline since 2009
“Analysts expect an earnings decline of -20.8% and a revenue decline of -3.9% for CY 2020”
“For Q2 2020, analysts are projecting an earnings decline of -42.9% and a revenue decline of -11.5%”
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CNBC market summary archived as of 11:58am
Business News Archived (Front Page)
In response to the EU’s worst economic crisis since the Great Depression, the European Commission has also just announced plans for a €750 billion recovery fund ($500 billion in grants, $250 billion in loans).
As of May.06, 2020, the EU is projecting that the economy will contract by 7½% 2020.
Read more at CNBC