From one of the biggest cheerleaders of the stock market, in recent months Jamie Dimon's JPM has undergone a dramatic anti-Hugh Hendrian metamorphosis, turning increasingly more skeptical on further risk asset upside and as of one month ago, pulled the plug on its former cheerful nature when in early March it announced it had gone Underweight stocks "for the very first time this cycle."
The stock surge from February is at risk, warns BofAML's Stephen Suttmeier as a plethora of bearish divergences could cap further gains from here. 2044-2022 are key nearby S&P 500 support for April, but a loss of 2022 is required to break the last higher low from 3/24 and suggest a deeper decline for the S&P 500. The following 15 risk-factors - from VIX term structure steepness to Dow Theory Sell signals - all point to a retest of the recent 1810-1820 lows.
As of this moment the world wonders, rightfully so, why Obama has to meet with Janet Yellen in private and just what information is so important that it can only be said behind closed doors. Perhaps sensing this confusion, White House spokesman Josh Earnest apologetically noted that President Obama "cares deeply about preserving both the appearance of and the fact of the independence of both the Federal Reserve" and Fed Chair Janet Yellen, White House Press Sec.
Just after today's emergency meeting at the Fed, which has presumably concluded by now, as we first reported last night Obama was set to meet with the "independent" Federal Reserve chair. Moments ago the White House explained this was to allow the two to "exchange notes" and talk about the state of the US economy. Most crucially, Obama said he "was pleased with the way Yellen had fulfilled her job."
This is what the White House said they would discuss:
Now that the prospect of helicopter money by the ECB has so infuriated Germany, the ECB had to reach out to Schauble to "mollify" the Germans who are dreading the second coming of monetary paradrops in one century, it was only a matter of time before Citadel's most prominent employer opined. In a blog post earlier today, Brookings' blogger and the central banker who together with Alan Greenspan has been most responsible for the world's unprecedented debt pile and sad economic state, Ben Bernanke, took the podium to share his views on "helicopter money" head on.