Tuesday 24 March 2020

Rebounding on bailout hopes

US equity indexes closed extremely higher, sp +209pts (9.4%) at 2447. Nasdaq comp' +8.1%. Dow +11.4%. The Transports settled +12.5%.




US equities opened powerfully higher on hopes of a bailout agreement/vote, and built gains into the early afternoon.

Meanwhile, CEO Calhoun of Boeing was doing the media rounds...

His claim that the current aid packages can't be compared to past 'aid packages' is laughable, but even more so... contemptible. Boeing spent tens of billions in precious cash on stock buybacks. Hell, the company only withdrew the dividend last week.

Your views...

For the record, I'd support a bailout, but only if the US taxpayer takes control of 100% of the equity. Its safe to say Calhoun won't be accepting anything like that.

In early morning, the Cramer was once again actively cheerleading for multi-trillion bailouts, and touting the importance of the Fed... just as he did in 2008.

The 'look', when Cramer needs a bailout

The afternoon saw considerable equity chop, with a closing hour ramp to settle at the highs, with VIX settling +0.1% at 61.67.

One of the few departing planes

A brief moment of serenity
Extra charts in AH (usually around 5pm EST) @ https://twitter.com/permabear_uk

Goodnight from London
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