'The algorithms operated all night as if trillions of dollars were trading......Uncharted waters,' Cramer tweeted early Monday.
As crude futures were plunging Sunday night after OPEC's production cut deal failed and the 10-year Treasury yield was making shocking new lows in a global flight to the perceived safety of bonds, Cramer tweeted that these moves are "signalling an imminent recession."
The 10-year Treasury yield, which moves inversely to price, dropped to a new record low of 0.318% early Monday before recovering some of those losses. Oil prices were off about 20%, though they had been 30% lower overnight. At 4:15 a.m. ET, Cramer went a step further, tweeting that the moves in oil and yields, on top of the already widespread market concerns about the spread of the coronavirus, "are both unprecedented and exceed the chaos of 2007-2009 today."
While he pointed out the "speed" of computerized stock futures trading in thin early morning volume, CNBC'shost was still surprised. "That you could have such a monumental move in six hours is truly astounding," he tweeted. "The average oil stock could be down 25% at the opening. The average S&P stock could be down 10%. Gold remains the only bull market besides utilities, drugs," he added.
However, that shred of optimism was nowhere to be seen Monday morning, in a global stock market rout with about 5% drops seen in
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