How we finished the limit down day

• Over the weekend, news of restaurant closures, business closures, more public meetings and events getting canceled (all because of COVID-19) had traders worried.
• Then on Sunday night, traders panicked after the Fed made an emergency rate cut just an hour before futures opened.
• Futures went limit down almost immediately last night (down 5%).
• Then this morning panic selling drove stocks to their 2nd circuit breaker, tripped after a 7%+ loss.
• Stocks dropped again during lunch and continued to sell off in the afternoon.
• All the major indices were down more than 12.0%.
• Crude Oil (CL) was hammered with stocks and finished 8.8% lower.
• The VIX (aka “Fear Index”) jumped 43.0% and finished at 82.69, levels not seen since 2008.