The bull died Wednesday just as the Fed cranked up the voltage on its repo-QE defibrillator for the second time in just one week.
In giving the bull a postmortem, market morticians did not turn as readily to the coronavirus diagnosis as I thought.
Perhaps it can be said that the Bull grew fat on FedFood and died of an overdose of FedMed intended to save its heart from myocardial infarction due to morbid obesity.
(Well, it will find new medicine, but let's just say it's old ammo ain't hunting' bear no more. That's for sure. As David Stockman has been saying, the Fed is clearly out of dry powder.)And we're just getting started! Trump's own stock market! Now that's just, shall we say to be nice, "Fouled Up BEyond All Recognition.''
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