Nasdaq Tumbles Into Red As Markets Realize "There Is No Reopening Plan"

Update (1215ET): While Small Caps remain up over 3.5%, Nasdaq has dropped into the red on the day...

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US equity market have been roaring higher (especially so overnight) as hope trumped reality once again.

But bonds were not buying it...

And neither was oil...

Maybe this is why.

As Nomura's Charlie McElliigott summed up so perfectly this morning:

The "TL;DR version" of the U.S. reopening guidelines is simple: There is no “plan” as:

1) there are no deadlines;

2) there are no guidelines or protocols to businesses on protective gear / temperature checks / testing / sanitizing; and

3) the plan offers little to no federal assistance, with states being asked to “independently” secure PPE and medical equipment for their hospitals.

And finally, it seems like Nasdaq has woken up to the reality of the Gilead drug bullshit and Nasdaq futures are red on the day...

It's a long way to catch down to reality...