Déjà Vu: Echoes of 2008 in Today’s Market Volatility

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April 15th, Tax Day, started out with a 5463.75 high and a low of 5413.00, opened at 5449.25 and then rallied up to 5485.00. Then this headline came out: EU EXPECTS US TARIFFS TO REMAIN AS TALKS MAKE LITTLE PROGRESS, and the ES dropped 40+ points.

I am writing this at 10:00 PM and all I can think of is that the current volatility is far from over. Even if Trump totally pulled back from the tariffs, the stock market would rally—but I don't think it would hold. Everything seems so fragile, out of whack. I just don't think there is a one-fix-fits-all.

No one knows for sure that the tariffs will work, but the billionaires club continues to say they will, though they also say there will be pain along the way. If there's one thing I'm sure about, the pain people feel won't be felt by the club.

After several rally attempts the ES got weak again late and sold off down to 5418.50. It was a very choppy day that consisted of a narrow trading range and low volumes. The price of gold, a traditional haven, rose near Friday’s record, and oil prices fell.

I think instinctively we all know this is not your average sell-off or bear market. To me it feels just like when Bear Stearns, Lehman Brothers, and AIG went down. Like today, during the 2008 Credit Crisis, there were constant headlines and it went on and on. I think it took time for the public to actually realize the gravity of the situation.

I remember my oldest brother Bill asking me what I thought, I think it was the most stressed out I have ever seen him. We were at the Palm Restaurant having a drink at the bar and he asked me what he should do. It was his retirement fund—he had Bear and Lehman in it. I think it's human nature to try and take the brighter side when things are bad, but it's not a good investment strategy.

Have you looked at the Euro currency lately? It's trading 1.13.

And last but not least, Jamie Dimon sold $31.5 million in stock. Here is the Reuters link to the story: Jamie Dimon sells about $31.5 million worth of JPMorgan shares.