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In a replay of yesterday's price action, TSLA shares soared at the cash open only to give up significant gains and tumble into the red.

“Value stocks, versus growth stocks, should be an investor’s preference in the near-term,”

Somebody do something! Isn't there a vaccine headline due any minute?

Yesterday saw swings in the markets, some key stocks in the US in particular, and equal swings in our underlying backdrop. Let’s try and join them into a coherent whole.

...this is all probably a "trap"... But then again, “hope does spring eternal.” 

The driver of the headline beat and surge in CPI was soaring motor fuel costs - up 12% MoM...

"We are extremely disappointed in both our second quarter results and our intent to reduce our dividend. Our view of the length and severity of the economic downturn has deteriorated considerably from the assumptions used last quarter."

The massive disconnect between the real economy and looming recession versus frothy global stock markets is unprecedented...

JPM has officially launched Q2 earnings season, with what was essentially a story of an impressive Income Statement vs a rather ugly Balance sheet.

"We are marginally risk-off today, driven by the dive into the close in the U.S."

The news sent the offshore yuan lower against the dollar.

"This quintessential New England campus had been the home of Green Mountain College..." 

"I think we've got a second leg down..." 

Today's Nasdaq price action was likely a bit of a shocker for many freshly-minted day-trading gurus.

"filed its claims in reckless disregard of its own internal records, and in order to support its allegations of access to trade secrets, manufactured false evidence".

"It seems inconceivable to me that the Fed and other central bank balance sheets will do anything other than explode over the next decade and perhaps beyond." - Jim Reid

For the US, the last bit of demographic driven momentum concluded in 2018 but the US went to ZIRP a decade earlier in the demographic cycle ('09) than Japan...

What could possibly go wrong? 

"If you don’t have a tail hedge, I suggest not being in the market [as] we’re facing a huge amount of uncertainty..."