Lunch Look

The market is up for now. SPX +3.6%, DOW +2.4%, NDX +4.1% an the Russell 2000 +2.1%.

Washington is making some moves and that is helping sentiment. We are also really oversold on a “short-term” basis.

Here are a few bullets from Washington.

  • Fed can purchase up to $1 trillion in commercial paper if needed, but he doubts they will have to use all of that.
  • IRS will defer $300 bln in IRS payments.
  • Individuals can defer tax payments up to $1 mln for 90 days.
  • Corporations can defer tax payments up to $10 mln for 90 days.
  • IRS will not charge interest or deferral penalties for 90 days.
  • President Trump wants to send cash to Americans “immediately.”  The amount will likely be higher than what was in the press ($1000/person).
  • People with incomes over $1 mln will not be getting checks.

My favorite, of course, was kicking the IRS to the curb for 90 days without penalty. If there was just a way to make that permanent.

Personally I would drop some of that free money at the bar for St. Paddy’s Day today, but my wuss of a Governor has shut down the bars.

No sports now for three days. I just spoke to my wife….she seems nice.

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