Crazy times. I don’t really see why this should end, however. The entire world is coming to a halt. Some businesses are closing entirely, unable to weather even a month being closed. Layoffs are piling up. Our country will rack up another $2T in debt probably before the end of this month. This is an unprecedented event… I feel the indexes could easily be cut in half, meaning 1500 by the time we get to May or June. But this is only my personal speculation… I just base it on what I think SHOULD happen when most of the world is shut down.

The VIX is up today but not as dramatically as VXX and UVXY. Futures backwardation is quite dramatic.