By: Todd Wheatley

I'm revisiting the title STOCK MARKET INSANITY because something strange is happening with the U.S. stock market. Last week a historic correction followed news of wider outbreak of COVID-19 in Italy, South Korea, and Iran. Then came news of "COMMUNITY TRANSMISSION" within the United States. With stocks at record highs a week and a half earlier. A correction was warranted.

Then more news of COVID-19 "COMMUNITY TRANSMISSION" in Washington state and Oregon. With that news the severe market pullback again revealed the stock market returning to SANITY. I though some additional small losses might arise, but was not too surprised to see a 2.5% gain at the opening bell. Then a jump to 3.5%. A bit much though still within the margin of sanity. Towards the afternoon, troubling news of a spike in Iran.

My last post pointed to Iran as a source of concern and sure enough the news came quick. A busy afternoon schedule kept me from checking the stock report. At 5pm Central Standard Time I saw the closing numbers ... WTF! ... the Dow Jones Industrial Average (DJIA) had it's largest point gain in HISTORY (1,293 pts. - 5.09%) ... again, am I the only one paying attention to the news?? For these many years I have turned to the business news thinking that the "money people" had the best "bead" on CURRENT EVENTS.

I certainly believe in "buying the dips" and in my last STOCK MARKET INSANITY post I had not accounted for a "FLIGHT TO SAFETY" by overseas investors. Howevere given the news the only "flight" I see is the flight of the DODO BIRD!

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