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oday will be a very volatile day and great for day trading. As of 8 30AM ET, when we are writing this article the Dow is down 2.5% or 750 points at 28230. All major indexes are down from 2 to 3%, Europe is down from 3 to 4%, same as South Korea in Asian markets.

This comes from bigger worries from the Coronavirus outbreak with new cases spiking in South Korea and quarantines put in place in Italy, while most events and sports events were canceled during the weekend.

If you follow my forecasts from the weeks before, my believe is that this should have happened a while back and the dramatic drop is not a result of the new events as much as a correction from the over-pried valuations we had in the previous weeks. I still believe the outbreak will have a much greater impact on the economies than expected and stocks will continue to go down. As far as day trading is concerned today, it could be a great opportunity to make money since in the premarket swings of hundreds of points are happening every hour.

I would recommend getting in and out today with some recoveries happening at the open and in the afternoon. We should see multiple times the indexes try to recover from the season lows.