Washout Wednesday: Another Brutal Session As Investors Appear To Flee For Shelter

Washout Wednesday: Another Brutal Session As Investors Appear To Flee For Shelter

Volatility still sky-high, and dollar, bond yields also sharply up. Remember, that famous index has only 30 stocks and arguably doesn't reflect things as well as the broader SPX.. It's probably going to be seen as technically positive that the SPX fell below its Christmas Eve 2018 low Wednesday and then recovered to close above it.. Today's selling hit even "defensive" areas like bonds and gold.. The dollar was another exception to the general selling, with the dollar index finishing above 100 for the first time since 2017.. Today was the third "washout" kind of trading day in the last five (the other two featured rallies that got sold almost as soon as they happened).. Today, the dubious honors would go to beleaguered aerospace giant Boeing (BA) and oil services mainstay Chevron (CVX).. Speaking of oil services, there's no dismissing the massive, massive pain inflicted on stocks today by the oil market.. Anyone who does take a new position should probably consider widening their levels with this high volatility.. There are options strategies designed for times of high volatility, but remember that options aren't appropriate for everyone.. If you can take a long-term view, this could be one of those