Market Extra: ‘This could cascade’“” investor whose contrarian bet has him up 10% as coronavirus rocks stock market

Market Extra: ‘This could cascade’“” investor whose contrarian bet has him up 10% as coronavirus rocks stock market

'I'm a little worried that this could cascade,' Richter said about the viral outbreak. Read: Dow, S&P 500 would enter bear market with a close below these levels. About 10 weeks ago, Richter made arguably one of the boldest calls on Wall Street, betting against a market that had been bounding to new heights nearly unceasingly.. But on Monday, Richter felt that too much negativity had overwhelmed the market which could manifest in a washout in stocks, a major slump that might signal to him that he should unwind his bearish bets and count his winnings.. Richter said Tuesday's 1,200-point gain for the Dow , erasing some of its 2,000-point slide in the previous session that was marked by the S&P 500 triggering a rarely used circuit breaker that kicks in when the index stages an initial 7% plunge, confirmed his bearish view of markets.. The market pro told MarketWatch that Tuesday's rally for stocks was indicative of a bear-market rally. ". The down days are more frequent, and the down days are more violent," he said.. For Richter's part, the issues in the market were prevalent even as stocks were putting in new