A panicky mood was evident on Monday as pale, trembling CNBC anchors, framed on the television by the blood-red tickers of tanking stocks, reported the fourth day in a row of losses in the S&P 500.
Q4 2020 hedge fund letters, conferences and more
Unprecedented Losses In The S&P 500
Now over seventy basis points off the all-time highs, the S&P 500 has dropped to a level below every closing price for almost 2 weeks. With the markets in such disarray, analysts expect Jerome “J-Money” Powell to announce additional QE and lower interest rates on behalf of the Federal Reserve.
The ExodusPoint Partners International Fund returned 0.36% for May, bringing its year-to-date return to 3.31% in a year that's been particularly challenging for most hedge funds, pushing many into the red. Macroeconomic factors continued to weigh on the market, resulting in significant intra-month volatility for May, although risk assets generally ended the month flat. Macro Read More
“It’s just so hard to protect investors. In the old days it was easy,” Powell said, between snorting cocaine through a $100 bill, “we just had to announce that we were close to a phase one trade deal with China and BAM, markets up 1%. I wonder what ever happened to that trade war, anyway,” he added.
“I think we’re entering a bear market,” says a retail investor, “I’ve never seen the markets drop like this, and I’ve been trading the markets for over forty days!”
This article first appeared on The Stonk Market.
Updated on