This is a big selling opportunity in the European oil majors.
Every move in the market appears to be shaking out weak holders, long and short.
While no stocks are completely immune from Covid-19 selling, utilities are still considered a safe haven relative to most market sectors.
With retail stores shut and many consumers viewing smartphone upgrades as discretionary purchases, signs are mounting that smartphone demand has fallen sharply in recent weeks.
Where there is pain there is also opportunity.
Many people just can't resist the temptation of buying weakness as they are fooled into thinking it's a bargain, but there's no rush to buy anything right now.
These companies initially seemed to believe that regulators and law enforcement would drive out the illicit market dealers. That hasn't happened.
As we continue to implement social distancing, keep in mind that it will happen commercially as well.
Most of the Fed's programs have been aimed at financial markets functioning.