Traders on the floor of the New York Stock Exchange swapped stories all week about the extreme trading conditions they witnessed.
. "Avis popped to $50 off of really good earnings after the close on February 19th. I came back from vacation this Monday, and over the next few days it went to $31," he said. That's a drop of 40 percent in a little more than a week.
Many traders are trying to figure out where the bottom is. Traditional signs of capitulation — extreme oversold conditions , new lows at the NYSE , high put/call ratio, extreme readings in theBut traders are not sure they should act. Peter Tuchman from Quattro Securities tells me, "This has all happened over seven trading days. We were at record highs a week ago, but we now. In a normal setting, this is a screaming buy.
Traders work through the closing minutes of trading Tuesday on the New York Stock Exchange floor on February 25, 2020 in New York City.Margin calls are another issue and they are notoriously difficult to quantify. But sell-offs midday over the last two days have Tuchman convinced margin calls are part of the decline, particularly Friday's sharp drop in gold. Tuchman said it was likely used to satisfy some of those margin calls.
, noting that U.S. fundamentals are strong, and that while coronavirus poses an evolving risk, "We will use our tools and act as appropriate to support the economy.""The Fed can do all the cutting in the world, but unless there is a vaccine or the infections start rolling over, you still cannot escape the headline risk of the coronavirus," Grasso told me from the floor.
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