The economic blows keep coming--
--earnings are brutal, guidance pulled
--20% unemployment min with another 4.4 mill jobless claims
--PMI crashes around the world
--6.4% of mortgages in forbearance, 764 billion unpaid principal
--Durable goods -14.4% --Google slashes marketing budget 50%
--and the Nasdaq is only down -1% YTD!
Here comes the FED meeting--
--expect hints towards the fed next bout of stimulus -
-FEDs got nothing but rhetoric
--will markets turn on the FED?
Putting your capital to work--
--Do you buy now?
--correlations are high
--private equity is throwing capital at distressed firms
--are markets in denial or immune because of backstops?
SPX Expected Move
--last week-- 111.00 (expected)
--actual move-- 37.82
--next week-- 85.67 (expected)
--11 out of the last 15 weeks have seen moves OUTSIDE the EM