The market's playing a vicious game of on the one hand and on the other.
On the one hand we learned last night that there's a Carnival Cruise (CCL) ship, the Princess Line, stranded off the coast of Japan with several thousand people on it because 10 people have been found to have the coronavirus. That bit of news plunges the overnight futures down five ticks from an up several ticks because who knows the ramifications of that kind of news on bookings.
On the other hand, the Chinese let out the news at around 3:30 am that they might have something, something promising, in the lab that can be used against the virus. The futures spike higher.
Than the Chinese announce an aggressive tax lowering plan that takes the futures even higher.
One the one hand Tesla's (TSLA) stock reverses from intraday highs. Maybe it's the beginning of the reversal that so many bears are waiting for? .
On the other hand Ford (F) reports a miserable quarter that includes the shutting of six European plants just when Tesla wants to build one of the biggest in the world.
On the one hand the oil companies try to make a stand with oil bouncing off bear market levels.
On the other hand, the Harvard faculty votes overwhelmingly to push for divestment of fossil fuel stocks. It's not the investment committee but it will carry a lot of weight.
On the one hand Nike (NKE) reports a decline in China sales because of coronavirus. On the other hand its new CEO has a terrific personalization story to tell.
Disney (DIS) says its numbers in China will be hurt but it announces huge subscriber figures for Disney +.
I could go on and one but suffice to say you can see how sellers just won't come out. They must be beaten around the head to sell, at least that's what it looks like.
And they aren't.
At least not yet. But then again, maybe they won't be.