Powell’s press conference was everything a bull could want: unlimited support for an unlimited time, propping up everything the law might allow – and maybe more. But, we already knew that. As I asked yesterday morning, how do you improve upon “whatever it takes?”
The market rallied anyway, spiking past an important Fib level on more Remdesivir hopium and a fair amount of short covering. This morning, we find that the economy is doing even worse than expected……millions of people are still being laid off with the latest tally topping 30 million……and thousands of people are still dying of COVID-19 every day. And, the trillions that central banks are throwing at the markets won’t change any of the above.
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