Greetings,
Energy: The extraordinary rout in crude oil continues as Brent futures dip below $17/bbl, lowest since 1999.
The June US oil futures contract is below $11/bbl.
The CBOE crude oil volatility index has become meaningless. Volatility models typically assume a lognormal distribution, with prices never going to zero or below. That assumption no longer applies.
Equities: According to Alpine Macro, both S&P 500 trailing and forward earnings multiples are no longer cheap, and indiscriminate selling has given way to strong demand for large tech stocks.
But the rally has stalled this week.
Rates: Here is a good summary of the Fed’s new stimulus programs.
China: Here are the Q1 GDP growth components (vs. Q4).
United States: Below is the percentage of households unable to meet debt payments.
Food for Thought: High contact intensity occupations:
Edited by Daniel Moskovits
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