The Daily Shot Brief – April 22nd, 2020



Energy: The extraordinary rout in crude oil continues as Brent futures dip below $17/bbl, lowest since 1999.

Source: The Daily Shot

The June US oil futures contract is below $11/bbl.

Source: The Daily Shot

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.

Source: The Daily Shot


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.

Source: Alpine Macro

But the rally has stalled this week.

Source: @markets; Read full article


Rates: Here is a good summary of the Fed’s new stimulus programs.

Source: @business; Read full article


China: Here are the Q1 GDP growth components (vs. Q4).

Source: Oxford Economics


United States: Below is the percentage of households unable to meet debt payments.

Source: Natixis


Food for Thought: High contact intensity occupations:

Source: Deutsche Bank Research

Edited by Daniel Moskovits

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