he Markets at last waver! And Greg's timing is truly terrible, having divested his short and retreating to cash completely last week.

The S&P shed ~5% this week and the VIX exploded 47% after a brisk sell-off on Thursday. Why? Quite simply, anxiety and getting chumped by the big boys. 

On Wednesday, Jear Bear Powell laid out the economic wasteland that awaits, as if somehow that was a surprise. Troubling news trickled in about an uptick in coronavirus cases, stoking fears of a prolonged recovery. And no doubt short selling deflated the dumbest rally in living memory.

Plus the skullduggery around Hertz and Chesapeake proves that young white men everywhere with Brokerage accounts are treating the stock market like Reno, Nevada. 

We ask James and Robert how they're exploiting the madness.

A favorable jobs report caps the sharpest rally of our lives, all but restoring the S&P to its former heights. And so Greg cuts bait on the worst gamble of a generation: SPXS. 

Tech cements its command as the new risk-off, and Wall Street looks with smug relief on a V-shaped recovery. 

With the benefit of hindsight, Greg having missed the rally completely, we put forward a new theory to explain the great divergence between equities and the economy.

And Greg asks, is now the time to go long on China?

The improbable rally continues! The question is...if you're itching to get into the market and out of cash...should you? The answer hinges on your beliefs.

The market is riding the wave of human optimism around re-opening to near full rebound. The S&P scratched 3,044 on Friday, matching late October. 

We ask the question, is society setting the stage of its own destruction? Will the great re-opening lead to a 2nd wave that crushes today's glimmers of optimism. 

Or is the market right and good, safe in the notion that this is all a crescendo to a V-shaped recovery?

And Bobby's investment in NAIL continues NAILING IT! Among other new investment ideas...

The Markets waver in small measure this week as uncertainty reigns.

April unemployment rate soars to 15%, destroying 10 years of employment growth in a flash. 

But the markets stand strong with cold indifference to poverty and suffering, with the NASDAQ recouping all of its losses YTD, underpinned by irrational confidence and an epic fear of missing out.

Volatility reigns supreme as we round out earnings season and the Street ingests real numbers. 

On Friday, tech's meteoric rise from the wreckage gets a heat check, as Amazon and Apple show they too are vulnerable to the global pandemic when before they were thought immune. Meaning Robert's a GD genius.

Which is a way of saying that tech was over bought and uncertainty will govern the coming weeks.

But with April soaring to the heavens, we ask again, is this a Bear Rally that will correct, or a Bull Market that will endure?

And we take a moment to reflect on the lessons of this crisis:

-Tech is the new Risk Off

-The Fed guarantees the credit markets

-Massive Congressional intervention is always assumed

-Elites do not lose money

-Bailouts are priced into operational risk, thus ending operational risk

Live from Jerry Jones' yacht in an undisclosed location, we discuss the week that was. 

The S&P corrects modestly as the half-cooked Oil Cartel collapses, and oil prices fall into the sea. 

Netflix adds 16M subscribers to no fanfare in its valuation. We explain why.

And the bulls shrug off another 4M jobless claims. We explore why unemployment claims won't correlate with market performance as they once did.

The S&P continues its callous rally, clocking a second consecutive week of gains. Why?

Meet the FOMO rally. Investors have a fear of missing out on the Bear Rally that is. 

What supports this? Nothing fundamental. Unemployment claims continue to soar. China posts its first economic contraction EVER (basically). 

The S&P surges higher this week, gaining 12% while all the world is dying. 

So why is the investor community happy to ignore the deaths of thousands and the recession sure to follow?

The answer is simple...and yet not so simple.

1) Stock valuations are pricing in a RAPID recovery from today's contraction, the scientifically named "V-shape"

2) That recovery is informed by faith in a massive Federal Government intervention in the form of ongoing stimulus AND

3) Jear Bear's equally massive backstop from the Federal Reserve in the form of easy money and corporate debt buy-ups

4) The formation of a Saudi-Russian oil cartel propping up oil prices

5) A structural exit from short positions on travel stocks

All of this is to say, friends, that the markets are highly optimistic now that the curve is flattening. Now...is that optimism well founded or not?

The Bear Rally falters as even the Trumpus admits that plague has come to America. 

The S&P sheds 2% as the jobs report signals the largest spike in employment since 1975 and unemployment claims reach stratospheric levels. 

But given that the world is ending, the market is still hovering below 2,500, where it was at the end of 2018. What gives?

A cocktail of Federal Reserve intervention, news of the flimsiest Oil cartel in economic history and willful ignorance.