"We're In A Global Recession" - Fed's Clarida Spoils Today's Economy-Ignoring Surge In Stocks

The Nasdaq 100 has been green for 2020 for a week and the broader Nasdaq Composite got close today as the fantastic five stocks lift the index against all rationality.

Source: Bloomberg

As CALSTRS CIO Ailman noted earlier:

"this market is divorced from reality," adding - with a frown at its outlier nature, "there's such a strong bid to this market - particularly in the overnight futures trading - it just doesn't make any sense."

And he is right...

Earnings recession...

Source: Bloomberg

Economic recession...

Source: Bloomberg

Employment 'depression'...

Source: Bloomberg

Health recession...

Source: Bloomberg

But apart from all that, everything is awesome... BTFD!!

On the day, stocks were up...

Nasdaq led the day, Dow Industrials lagged...

Futures show the malarkey best with the late-day dump as Fed Vice-Chair Clarida starting speaking and dared to admit:

“We’re living through the most severe contraction in activity and surge in unemployment that we’ve seen in our lifetimes,”

"It's important to make sure the rebound is as robust as possible, but can't minimise that we are in recession.. a global recession."

It's not like he said anything we didn't know!!?? BUT everyone dumped...

Nasdaq FUTs tagged the 76.4% Fib retracement again... and faded...

 

Oil was up... (WTI up 5 days in a row nearing $25 ahead of tonight's API data)...

June WTI is up 140% in the last few days...

Bond yields were up...

Source: Bloomberg

Gold was up...

Bank stocks were NOT up...

Source: Bloomberg

The dollar was NOT up...

Source: Bloomberg

Cryptos were NOT up...

Source: Bloomberg

Finally, FANG Stocks...

Source: Bloomberg

And the S&P at 20x P/E...

Source: Bloomberg

And Copper/Gold is not buying this bullshit rally in stocks at all... just like in January/February...

Source: Bloomberg