A New Day, Same Old Nonsense

It’s a strange phenomenon: the more serious the coronavirus threat, the more strenuous the efforts to prop up stocks. After headlines such as those below, the market has no business being in positive territory.

Yet, here we are, with ES up 6.50 points.  VIX is actually off.  Sheer lunacy.Likewise, oil and gas are rallying as though the EIA, API and OPEC hadn’t all downgraded their demand estimates.

Will the market take any of this information to heart, or will we get the usual holiday weekend gap higher?

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