Morning 3-26

From Dave Rosenberg always with words of Wisdom   “The best two-day rally since 2008 conjures up Bob Farrell’s Rule #8: “Bear markets have three stages — sharp down, reflexive rebound and a drawn-out fundamental downtrend.”

Virus fears back in Japan as rumors swirl that Tokyo may be locked Down NKY closed -4.5%

ECB not Unleashing Bazooka saying they have no plans to deploy OMT(Unlimited sovereign bond buying)-Forex live But ECB won a legal challenge that scraps most Bond Buying limits. European Sovereign Yields taking a leg lower Italy -15Bps and Spain -18 Bps in 10- year maturities. This has tightened all spreads to bunds a good thing

 Chairman Powell  will be on Good Morning America  A rare Main Stream TV appearance, the first since Bernanke in 2009 is saying that “Fed has enough firepower, we won’t run out of ammunition and stepping back from economic  activity is for Public benefit , we may well be in a recession but nothing wrong with Economy“ His Comments released prior to appearance

More Virus Worries as Cases in Spain jump 18% overnight!

 Markets:

  Risk Off so far today as stocks lower Bonds higher. Senate did pass Stimulus bill and now off to house which hopes to pass bill by Friday. Today’s Jobless claims will be a record upwards of a million new claims markets already priced this in so any reaction will be short lived. Bonds Higher, Bunds as well Gold with a small bid Oil heavy and Dollar continues to trend lower, almost breaking the 100 handles., even though Jobless claims printed 3.2 million! For the week up from 280,000 I cant imagine what next week NFP numbers will look Like

One sobering Note:

The United States has taken over from Italy as the country reporting the newest cases. It now accounts for roughly a third of all new cases reported in the past day, with almost 15,000 infections, and over 260 new deaths.


The disease has killed more than 900 people in the United States (Reuters)

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