Two weeks ago, before first the ECB first and then, the Fed, unleashed two massive dovish surprises, we warned - citing JPMorgan - that the most painful part of the short squeeze "may be yet to come."
As a reminder, this is what JPM said on March 5:
One of the more surprising market developments of 2016 has been the violent obliteration of those who had taken part in the biggest consensus trade of 2015, namely long the USD. As the Fed finally admitted earlier this week, the US economy is sputtering and is woefully incapable of handling 4 rate hikes, or 3 for that matter.
Since President Barack Obama’s historic Cuba visit on March 20, some are speculating about whether he can pressure Cuba to improve its human rights. A comparison of Cuba’s human rights record with that of the United States, however, shows that the America should be taking lessons from Cuba, says Marjorie Cohn. The Universal Declaration of Human Rights contains two different categories of human rights – civil and political rights on the one hand; and economic, social and cultural rights on the other.
Submitted by Roger Barris of Economic Man, by way of Acting-Man
A Lack of “V”
After the February jobs report, President Obama said “America’s pretty darn great right now.” He then went on to disparage the “doomsday rhetoric” of the Republicans, which he said was pure “fantasy.
Last week, one day before the Fed unleashed a statement that stunned Wall Street by its dovishness and admission that the Fed had been far too optimistic on the state of the US (and global) economy, when it slashed its forecast on the number of rate hikes from 4 to 2, we said that "while everyone's attention is on the Fed, the biggest danger to the S&P500 has little to do with what Janet Yellen may say tomorrow, and everything to do with the marginal buyer of stocks being put into a state of forced hibernation", namely the start of the stock buyback blackout period during Q1 earnings se