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Fidelity Analyst feels that the market is extremely oversold

The analysts of Fidelity feel that the markets have been extremely oversold and there is a lot of forced selling which is happening currently. The analyst feels that the situation is similar to the extreme downturns which have occurred in the past. Jurrien Timmer who is the expert says that the markets are definitely oversold. He feels that the markets are at levels of the 08 recession and the 87 crash and even reach the levels of the 1929 Great Depression. These are the moments when the market has been oversold at the level which it is now. As there is a spread of the coronavirus in the regions of Europe, US and everywhere else, the investors have been fleeing the markets. The assets which are safe havens have not been spared either. The efforts are on for containing the coronavirus and this has impacted the companies severely as travel has almost come to a standstill and the consumers have bene stopping all activities and the businesses have been putting the shutter down. The shutdown has also sparked many prediction which might see a huge loss of jobs and unemployment rates going up by a huge number. A lot of the investors have been selling all of their asset class from gold, to bonds, to the stocks for the raising of cash. By the time, the markets closed on Thursday, the market had fallen by close to 13% in the week. This is the highest loss for Dow Jones in one week ever since the financial crisis had taken place and the stock index had remained below their all-time high levels from the month of February.

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