Joe, the big story is oil prices once again im ready to move out past june move out where . June is too close if we are not going to open anything up, no reason to think it will be anything different than minus 38 a barrel it is related to the price of gold and the price of a suit, so i should have been buying andrew, you are spending 10 times what you are on a suit with those hugo boss things. Which none of them have belt loops for 4,000, you could get a couple of belt loops no hugo boss. It is ralph. Ralph who oil prices, it is not funny. This is out of the realm of anything weve ever seen brent crude only a 20year low you look at wti or what may was before the contract rolls. It is incredible supply shortage spiked overseas. The u. S. Movement, wtis june contract the price giving up earlier gains. Up 11 see, im ready to move to september. August at some point what does this mean for the saudis youve had your picture taken there on a sand dune youve got a feel. They should have done
10 , but lets be honest the markets are still down big time this year so cold comfort for investors who may have gotten in toward the end of last year well dissect all of that. One big theme today is the Federal Reserve effectively riding to the rescue of the bond market and even the etf bond market look at the hyg, something we have been highlighting and were going on more than a month now up 7 as well as the fed as it says there goes all in and we are all in with a great lineup for you again. We have guy, tim, weve got karen and weve got steve grasso it is going to be a beg hour we have Paul Macaulay with rare mineral supply chains and i want to get to steve grasso because the Federal Reserve, and i know it is very difficult for the audience out there who is not doing this every day to keep track of the alphabet soup of acronyms the Federal Reserve came in today with another 2 trillion program. Did they effectively bail out a big part of the etf market yeah. I think they did so the f
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0. 769 a little lower than weve seen in weeks leading up to this. Joe, the most important thing youve said is it is friday. Is it friday . The days are all it has been months. And then again, it feels like one whole long day for the week. In this new bull market we are in we will see, hopefully. Three days im not saying that we are they make no sense anymore. I guess it is possible we could look back a year or two now and say, wow or as Paul Tudor Jones said. Are we opening he said we could probably see some new lows. We are still on the front edge of this horrible thing that will play out in new york and other cities hopefully not as bad as people thought. The coronavirus cases surging to nearly 86,000 passing italy and china and making america the site of the largiest outbreak. The death toll is nearing 1,300 in the u. S. So far those number doubling somewhere around every three days right about now, a little less. Lots of questions about other areas too now how this is playing out i
Moment first what were calling the changing tones on a decidedly red day. Goldman sachs, the note that has wall street talking today. Our near term downside is no longer likely. Fed and congress have precluded the prospect of a complete economic collapse. Hes not as negative as was. Where are you today as we watch the markets come off a big week . Lets think about the sentiment we carry the high expectation there would be a significant amount of loss of life. We have seen a significant improvement in that expectation. Markets responded. Markets are responding to the health care numbers. As i see the market now, i still believe the lows are protected by strong support between 25. 50 and 25. 75. I do not believe you get the opportunity to buy at the lows again. The market never gives you that opportunity. You are running into resistance now from prior gaps that we had in the market. Today we have a weak tape. Within that, we have a very Constructive Development thats the return of Leader