DOW up 4.9%, S&P up 4.9%, NASDAQ up 4.9%Trump pitches 0% payroll...

DOW up 4.9%, S&P up 4.9%, NASDAQ up 4.9%

Trump pitches 0% payroll tax for rest of the year. This is going to be another massive stimulus for corporate America on top of their recent corporate tax cuts. Oil up 11.2% and Russia hints at talks with Saudi about cutting production to maintain prices.

Yesterday China closed down their last 3 temporary hospitals. They had built 14 temporary hospitals to deal with the virus. Apple has already opened 38 out of their 42 stores in China. China has expressed that they are willing to do anything to put their economy back on track over the next few weeks. New cases in South Korea have started to slow down and it is only a matter of time that the virus will be contained across the world. Toilet paper rolls are appearing back on shelves in our supermarkets. Sooner or later this positive news cycle will trickle down to stocks markets as common sense will start to prevail.

The recent panic selling was once in a lifetime opportunity to buy stocks like Westpac at super cheap prices as the crowd panicked and tried to rush to exit door by selling everything thinking that the world was going to end. Selling shares and cashing out during a sharp sell off is one of the worst investment mistake. Markets always recover from crashes and they go up higher in the long run. No wonder Buffett never sells and he actually buys during such panic. Well done to those who stumped up the courage and bought Westpac shares during the past couple of weeks. Margin calls got triggered and shares were transferred from weak hands to strong hands. It appears to me that Large Super funds, Index funds and Institutions benefited from this panic and got the opportunity to pick up huge parcels of Westpac shares during this recent sell off.

SPI futures are up and there is a good possibility that yesterday's price recovery will continue and Westpac is likely to trade at higher prices today.