DXY suddenly rebounded last night:
The Australian dollar was weak:
Gold held above the breakout line but if this gets moving it won’t:
Oil was smashed:
Dirt fell:
And miners:
Plus EM stocks:
Junk is hilariously high
Bonds were bid:
Ass stocks were hit:
It’s all pretty straight forward. The virus is back in the US:
As it surges, the economy retreats. The borders close:
The governors of New York, New Jersey and Connecticut said Wednesday they will implement a mandatory quarantine on visitors to their states from viral hotspots, part of a coordinated effort to sustain low local infection rates as coronavirus cases surge to two-month highs across nearly half of the country.
The order, which goes into effect at 11:59 p.m. ET Wednesday, does not block people from traveling. But it does make clear that if you’ve been in a state that meets the guidelines — like taking a vacation to Florida and then coming home, or visiting New York from Texas on business — you will have to quarantine for 14 days on arriving. Airports and highways will have reminder signs, and hotels will be asked to inform guests as well.
The stores shut:
Apple Inc. AAPL, -1.76% is temporarily re-closing seven stores in the Houston area amid a resurgence of COVID-19 cases in Texas. The company confirmed Wednesday that it would be temporarily shutting its Highland Village, First Colony Mall, Houston Galleria, Memorial City, Willowbrook Mall, Baybrook, and Woodlands locations “with an abundance of caution” given “current COVID-19 conditions in some of the communities we serve.”
Punters stop going out:
Then hours worked star to fall more broadly:
It does not require official lockdowns, which may still be coming. The virus does it all by itself. A fact overlooked by anti-government dunces.
Aside from the virus, the number one risk to “recovery”, whatever that means, is the stock market itself, which is priced for a super-boom in profits.
If this gets worse a few more days, and the death rate starts to climb, we are back to March with a bullet.
Australian dollar to follow:
