FAST FIVE: Insanity: Stock Enter New Bull Market On Day Initial Claims Hit 3.3 Million
Insanity: Stock Enter New Bull Market On Day Initial Claims Hit 3.3 Million One would think that on the day the US reported 3.3 million (!) initial jobless claims, more than 5 times the weekly peak hit during the financial crisis, and a 30-sigma event.
weekly jobless claims, a 30σ event pic.twitter.com/LEO7s5TXsH – (@lenkiefer) March 26, 2020 .
and systemic counterparty risk concerns are soaring (LIBOR-OIS spread screaming to its highest since Dec 2008) Source: Bloomberg Meanwhile, the Fed's wanton monetization of debt, aka 'helicopter money'.
as the 10Y continued to trade completely oblivious of what's going on with stocks, and has been oddly quiet for the past 3 days.
The easing in Treasury conditions has helped send the Treasury VIX tumbling even as equity VIX remains elevated.