S&P 500 E-Mini Futures Minute Chart; Futures Tank After President Trump and First Lady Melania Test Positive for COVID-19

President Trump tempted fate one too many times and now he, and First Lady Melania, have contracted coronavirus. He likely no longer believes that the virus is a hoax. What happened to the virus ending "around the corner" as Trump has proclaimed over the last two months? The handling of the pandemic is a mess. Whitehouse assistant Hope Hicks, a lot of these folks like to call themselves counselors to the president these days, contracted the virus and was working directly with the POTUS on Monday, Tuesday evening at the debate and into yesterday.

The misinformation begins immediately. Trump tweets that Hicks tests positive and he is awaiting the results of testing. Trump says he is quarantining and following the rules (yeah, sure he is). Then, in a subsequent tweet he announces that he and Melania have tested positive. Hicks supposedly knew she was positive on Tuesday evening so the Whitehouse withheld this information for the last couple days but the narrative is now developed that the virus circulating at the Whitehouse was discovered, handled and addressed as per the latest medical guidelines and protocols (that Trump has shunned over the last eight months). Even if they learned of Hicks positive test on Thursday morning, why did it take a half-day and more for the president to be tested and receive results? The chaos, confusion and non-transparency continues. It would be the same no matter who was in office.

What happened to hydroxychloroquine? The president bragged that he was taking that harmless drug, according to Doctor Donnie, a couple months ago; it looks like he stopped taking it. Humorously, Donnie can start taking hydroxychloroquine and cure himself. The president says he and the First Lady are quarantining which obviously puts a crimp in his reelection campaign.

The jury is out as to whether Americans will be sympathetic to Trump and even provide him a small bump in the polls wishing him well and rallying behind the flag (as initially occurred with Brazil President Bolsonaro and UK PM Johnson although their popularity subsequently faded), or, is the POTUS contracting covid proof positive of his poor handling of the pandemic and polls will move more in Biden's favor. The betting parlors are leaning towards the latter outcome (an advantage for Biden that has worn a mask these last few months). A betting parlor bumps up Biden's chance of winning the election from 60% to 64%.

Where's Pence? The vice president was arm and arm with Trump at the debate. Has he tested positive? Democrat House Leader Pelosi is third in line for the presidency. If Trump and Pence become incapacitated (which likely will not happen), Queen Pelosi would become POTUS. The S&P futures crash about -60 points on the news about -2%.

At 3 AM EST, European indexes open and drop about -1% across the board. US futures are down from -1.0% to -1.5%. S&P -45. Dow -352. Nasdaq -180. Russell -24. The VIX pops to 28.79. US Dollar 93.76. Euro 1.1735. US 10-year yield 0.666%. Copper -0.8%.

Hopefully, the president and Melania do not show symptoms and recover quickly. Trump is a man in his 70's in the high risk group for covid. He has a BMI (body mass index) at 30.5 (obesity). This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note: The chart is provided by ino.com and annotated by Keystone.

Note Added 6:33 AM EST: S&P -54. Dow -414. Nasdaq futures are down -240 which is -2.1%. VIX 29.49. Oil -4.5%. Gold is flat at 1908. Silver 24.03. Copper -0.1%. USD 93.81. Euro 1.1718. Euro/yen 123.24. 10-year yield 0.666%. 

Note Added 9:27 AM EST: S&P -53. Dow -428. Nasdaq futures are down -260 which is -2.3%. VIX 29.39. USD 93.89. Euro 1.1708. 10-year yield 0.666%. DAX (Germany) -1.3%. AAPL is rotting away down -3.3%. The chips are down with NVDA off -3.3%. DAL nosedives -4.2%. CCL sinks -4.7%. TSLA short-circuits down -6%. Here comes the opening bell on Wall Street. The Whitehouse says Trump is asymptomatic but journalists report that aids say the president was looking fatigued and a bit sick on Wednesday. The situation is becoming more confusing. Trump has not been on camera as yet.

Note Added 9:36 AM EST: The US stock market, the S&P 500 Index, the SPX, drops -1.4% a modest loss considering the news. The Dow Jones Industrials are down -1.1%. Nazzy Comp sinks -1.7%.