We should be gearing up for another round of bullshit stimulus narratives in the media this week, as today marks the senate's involvement in the bill, with March 14th set as the "signing into law" date. As I've mentioned in previous analysis, the stimulus proposal is a drop in the bucket. Households are going to spend this money before the quarter is done, or maybe they'll just spend it on taxes in April. But, as far as it's ability to impact productivity, or inspire a wave of new jobs/hiring, it's a failure of a distraction, and in my opinion, a complete joke of a "rescue package," for main street. Will it be a sell the news event for the 10th time? We'll soon find out.
Metals are selling off heavily this morning, with Gold , Silver , platinum, Copper , and palladium down over 2%. Crude is rebounding from yesterday's weakness, and is up around 2% on the day. The dollar is hovering around a 91 handle, and looking strong. After the recent break above the neckline around 90.75 on DXY , we should see increased bullishness as we approach the back nine of the week. In , Vix is holding up strong, and is still at a 24 handle, after falling as low as 23 yesterday morning. I imagine as stocks race back near their ATH , certain trades are becoing quite crowded. Be on the look out for rapid interest in risk protection, should anything whatsoever materialize to the downside for risk.
Best of luck out there today, my friends! Our live analysis begins at 9:30AM. Cheers, Michael.
* I am/ we are currently holding positions in UVXY , HUV , HQD , QID .