Earlier quoted context omitted.
Were people really expecting the markets to go up today? Futures were mixed pre-market. Bloomberg, at least, was framing the optimism as due to people expecting central banks to intervene but central banks can only do so much when your supply chain evaporates. I was certainly caught off guard but still managed to make a bit of money (~6%) off of one of those idiotic volatility ETNs today.
Yes, lots of people were. The market closed down 6 days in a row which almost never happens. There's no major collapse like 2008, just a powerful catalyst that led to a fast correction of 10% from all-time highs and released a lot of downward pressure.
Yeah the market is near all-time highs all the more reason there's going to be significant downward pressure. There's been no major economic collapse but China's industrial output is near record lows as evidenced by the air quality.
None of this changed on Monday.