Monday 27 April 2020

The shameful PPP loans

US equity indexes began the week on a significantly positive note, sp +41pts (1.5%) at 2878. Nasdaq comp' +1.1%. Dow +1.5%. The Transports settled +2.8%.




US equities opened on a positive note, helped by most other world markets, with price leaning upward into midday.

On the lunchtime show...

Gundlach appeared, noting he is scaling back into an SPX short. He does not believe any price action >3K is likely, and appears open to seeing an eventual break under the March low of 2191. Yours truly has minimum downside target of the mid 2300s.

The afternoon saw considerable chop, but managing a new cycle high in the closing hour.

Volatility was in melt mode, the VIX settling -7.3% at 33.29.

The shameful PPP loans

The Cramer was dismayed at a story in the weekend press on who was receiving the emergency government loans... which included Carnival (CCL).

On this matter... I'm 100% in agreement with the Cramer.

Bullish spring green
Extra charts in AH (usually around 5pm EST) @

Goodnight from London
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