{"id":62107,"date":"2020-10-07T11:32:19","date_gmt":"2020-10-07T15:32:19","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=62107"},"modified":"2023-02-10T13:33:40","modified_gmt":"2023-02-10T18:33:40","slug":"yesterday-eruption-today-might-as-well-jump","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/yesterday-eruption-today-might-as-well-jump\/","title":{"rendered":"Yesterday: \u201cEruption\u201d.  Today: Might As Well \u201cJump\u201d"},"content":{"rendered":"\n<p>(<a href=\"https:\/\/open.spotify.com\/playlist\/0JoVkymz7EHcJnAxpm1tzp?si=m46OW9-wQOWClCPwIJLRBg\"><strong>Special playlist here<\/strong><\/a>)<\/p>\n\n\n\n<p>The message from Federal Reserve Chairman Powell was quite clear yesterday: fiscal stimulus is crucial for boosting the economy because monetary accommodation is no longer sufficient.&nbsp; Millions of Americans are asking \u201cWhere Have All the Good Times Gone\u201d?&nbsp; Markets were initially uncertain about how to react to that message, but they later warmed to the educational tone set by the Chair.&nbsp; One might say they were \u201cHot for Teacher\u201d when indices began a rapid advance in the afternoon.<\/p>\n\n\n\n<p>We had actually begun to see some signs of life in underperforming value stocks.&nbsp; Bank stocks were among those leading the advance.&nbsp; I\u2019m quite sure that \u201cJamie\u2019s Cryin\u2019\u201d about the flat yield curve, but Mr. Dimon and other leading bankers had to be encouraged by some nascent steepening of longer maturities.<\/p>\n\n\n\n<p>Then came the \u201cEruption\u201d via a single tweet.&nbsp; The fiscal stimulus talks were \u201cD.O.A\u201d.&nbsp; House Speaker Pelosi and her ilk could simply \u201cBeat It\u201d.&nbsp;&nbsp; Markets plunged, reversing the prior day\u2019s significant advance, but not breaching the lows seen as long ago as, well, Friday.&nbsp; One might ask, \u201cWhy Can This Be Love\u201d?<\/p>\n\n\n\n<p>Then, with little \u201cFair Warning\u201d, the President changed course once again.&nbsp; Targeted stimulus talks were back on the table.&nbsp; Traders aren\u2019t \u201cDancing in the Street\u201d, but they are certainly celebrating the prospect.&nbsp; There is nothing that markets like more than exogenous money entering the economy. \u201cSo This Is Love?\u201d<\/p>\n\n\n\n<p>Sorry, but I \u201cAin\u2019t Talkin\u2019 Bout Love\u201d.&nbsp; I am talking about the ramifications of stop and go fiscal negotiations for market volatility.&nbsp; It is hard to see VIX making a meaningful move lower when such crucial talks remain truly uncertain.&nbsp; If you ask whether I see an overarching plan in the President\u2019s political machinations, I have to say \u201cYou Really Got Me\u201d.<\/p>\n\n\n\n<p>In the near term, I expect the markets\u2019 movements to hinge upon around the clock news reports and tweets.&nbsp; Those who are attempting to get a good night\u2019s sleep without proper risk management can expect to toss and turn \u201cAnd the Cradle Will Rock\u201d.<\/p>\n\n\n\n<p>RIP EVH.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2020\/10\/image-20.png\" alt=\"\" class=\"wp-image-62108 lazyload\" width=\"309\" height=\"232\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/10\/image-20.png 309w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/10\/image-20-300x225.png 300w\" data-sizes=\"(max-width: 309px) 100vw, 309px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 309px; aspect-ratio: 309\/232;\" \/><\/figure>\n\n\n\n<p>Source: Personal Photo take at the Metropolitan Museum of Art<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The message from Federal Reserve Chairman Powell was quite clear yesterday: fiscal stimulus is crucial for boosting the economy because monetary accommodation is no longer sufficient.  Millions of Americans are asking \u201cWhere Have All the Good Times Gone\u201d?  <\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14700,18,6,8,9,26,3],"tags":[682,317],"contributors-categories":[13576],"class_list":{"0":"post-62107","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-ibkr-market-insights","7":"category-macro","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-text-articles","12":"category-traders-insight","13":"tag-fiscal-stimulus","14":"tag-vix","15":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Yesterday: \u201cEruption\u201d.  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