Morning Look-So Far So Good

So far so good, but don’t count your chickens yet, it’s still so hard to trust anything. Be nice if this one could stick for more than 11 seconds though.

Futures hit limit up 5% after Chuck Schumer and Treasury Secretary Steven Mnuchin both say they are hopeful for a vote on stimulus package today.

Europe is up around 5%, but Italy is up the most at +6% right now.

Japan just suspended the summer Olympics for one year.

Mnuchin says the stimulus bill also includes a liquidity facility leveraged by the Fed that will provide up to $4 trillion in support for businesses.

Pelosi tried to jam in $35 million for the Kennedy Center in addition to all the other garbage yesterday. I guess they need new drapes.

What does funding the Kennedy Center have to do with COVID-19? Asking for 327 million friends.

If you are interested in sentiment as it relates to risk appetite over in Italy, keep an eye on Itlay in the days ahead. A small pulse.

Many of these viruses eventually collapse under their own weight, kind of like a supernova. Coronavirus could deliver one of the largest growth shocks ever but also the briefest.

We beat H1N1 with no lockdowns, closings, or mind-numbing media exposure.

Meanwhile, the Nazzy chart I showed you the other day is still holding that big uptrend support area.

I added some longs yesterday, but not so much because of the stimulus bill, which will help sentiment, but for a couple of other thoughts that I have.

I’m hearing more and more about how this hydroxychloroquine drug is working magic on people with COVID. You may have heard about it, its actually a malaria drug. Could this be a “white swan” for the market?

Also, if you listen to what some of these governors “are not saying”, they seem to now be telegraphing (in subtle fashion), “well maybe we can get healthy people back to work sooner than we originally thought.

When the headlines start talking more about this aspect, it will bring back extreme confidence.

Every government official was on a mission to “out-protect” the other guy over the last few weeks which led to this panic insanity.

“I can announce a longer quarantine than you” mentality.

Every armchair basement-dwelling wannabe biochemical “expert” has found new life on Twitter. They’ll be back to playing with their chemistry sets soon enough. By the way, if you’re on Twitter for more than a minute, you’ll be speed dialing the Suicide Hotline in no time. Stay away for your mental well being.

All of us over the last month.

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