Good morning, and I hope you are all staying healthy.


There are so many monetary and fiscal policies being initiated to battle the financial market and economic impact of the Covid-19 shutdown that it is hard to keep up with them.  Last night at 11pm ET, the Fed offered yet another program to backstop the money market funds that helped the S&P 500 (SPX) futures recover from a greater than 100-point loss to a current indicated drop of less than 1%.  These really are incredible times, and unfortunately the volatility could be with us for a while as the Covid-19 test kits start to come back and the numbers go parabolic.  The good news is that many other Wall St. firms have finally come around to the realization that we are likely already in recession, and that is what we typically need to see in order for the market to stabilize and finally lead to the second stage of a post-crash bottoming process playbook – the relief rally.



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