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Massive Monetization Means Never Having to Make Any Sense


The futures took off last night on the hope that a leaked report from a Gilead trial for its drug remdesivir would turn out to be an effective treatment in fighting Covid-19 (perhaps Trump's press conference promising that states would soon be opening up boosted the mood a little as well).

It Needs Time to Cure From what I read, by people who know a lot more about biotechnology than I do, this may be a premature celebration. Not that the drug won't be helpful, but it does seem unlikely that it would be the panacea that many folks are hoping for.

Nonetheless, by midday the market was about 2% higher after having been about 3% higher. The Nasdaq dogged it a little thanks to Apple being heavy (due to a Goldman Sachs downgrade). In the afternoon, the market zig-zagged around until a ramp job in the last hour boosted the indices back to the morning highs.

Away from stocks, green paper was a bit weaker, as was fixed income, while the metals lost 2% (the spot-to-June spread is now down to about $11). The miners got roughed up, but for the most part it wasn't too extreme.

Positions in stocks mentioned: short AAPL.