Well the unprecedented conditions continue here this morning. The Fed took some very aggressive actions last night and so far the market is unimpressed and we are likely looking at a circuit breaker halt at the open for the market. Circuit breaker levels and halts are as follows for the S&P 500:
Circuit-breakers this am:
* 2521.25 (down 7%) 15 min halt
* 2358.59 (down 13%) 15 min halt
* 2168.82 (down 20%) market closes for the day
we are likely to trip the first circuit breaker at the open, and we will have to see what happens after that. As much as I hate not putting out a watch list again, it is nearly impossible to pick any levels for a trade here with these huge gaps up and down for the market. Hopefully the VIX works its way higher in its ascending wedge and eventually breaks down out of it and gives us some better trading conditions. Stay safe here folks and focus on risk management and capital preservation ahead of all else.