Durable Goods Crater

March durable goods plunged 14.4%, falling even greater than the expected 12% drop. This is the worst read since 2014 and the second worst since the GFC.

Meanwhile, COVID-19 deaths in the US topped 50,000 as daily growth in cases and deaths remains stubbornly high…

…and, in the world, nearly 200,000 have died and cases have topped 2,750,000.

The most promising therapeutic, remdesivir, was dealt a setback when results of a study in China implied it was not useful at all. The FDA should announce hydroxychloroquine’s uselessness later today.

The futures, of course, ignored all this and have rallied 55 points – the third session in a row… …on the back on VIX’s nearly 20% smackdown since Tuesday.continued for members…