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DrStool

The Crash is Here 3/6/20

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Now, I think if they can't hold 2930, the bottom will drop out. 

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The Fed will announce another emergency rate cut on Monday. Probably 0.25-0.5 FF target. 

Or zero. It's a tossup. 

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It has not choice. The 13 week bill is already there. 

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20 minutes ago, DrStool said:

The Fed will announce another emergency rate cut on Monday. Probably 0.25-0.5 FF target. 

Or zero. It's a tossup. 

Doesn't mean a thing if they aren't printing money to buy paper.  A handful of voices are now calling for "fiscal" stimulus, with LIesman at Crapvision calling for a trillion.  That would add to the supply so the Fed would have something to buy. However anything over a nominal amount, like the $8bn for the virus, would take months to pass and more months to spend.  I'm sure they would just love to buy stocks but the law, if that makes any difference, says they can't or so I hear.  

While the financial market mechanisms were perfected for normal times they are nearing uselessness in these times. 

 Just in

Boston Fed guy says Fed needs to be allowed to buy more type of assets.  Ding ding.

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They can buy stocks under "exigent circumstances"

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26 minutes ago, DrStool said:

Now, I think if they can't hold 2930, the bottom will drop out. 

Stopped on the dime. 

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It's like my 50th year high school reunion around here.  

 

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Chart froze and won't reload. 

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All hell is breaking loose. 

 

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Nah. It's holding. 

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I'd think people and institutions would stop selling if for no other reason than there isn't anything better to buy.

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FRA OIS just printed +6bps to 48bps... Smashing through its Sep 2019 Repo Crisis High......Someone is puking and needing cash.

Image

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