Once the daily press briefing From New York Gov Cuomo started Stocks started to give back Daily gains some of his comments:

Virus is more dangerous then expected Cases jump 14% OVERNIGHT

This ends when we get a face track test -kit

Unemployment hotline has 1.2 million calls in a week usually have 50K

Also UK Minister Gove with some sobering comments regarding virus right around same time Cuomo was speaking so a double dose of bad news.On the good news front, Italy reported a small uptick in Cases today they are at a 2 week low.

Today’s Economic data surprised to the upside but I don’t think we should believe it.Both Chicago PMI and Consumer Confidence was less bad then feared ,probably best to ignore it then read too much into it.San Francisco president Daly says that “U.S. likely already in recession,She expects things to get worse before they get better” uplifting

Below find the Morgan Stanley,G7 currency “vix” dormant for months but not for long