So this morning we woke to an announcement that the Fed will essentially print enough money to rescue virtually every institution, save for -- at this point anyway -- junk-rated corporations. S&P futures went from way down to way up instantly on that news. Only to see them careen back into the red just as the cash session was about to open.
So, traders want more, they want what the Fed served up (if not more from them), but more-so they want that $2 trillion stimulus package.
Chuck Schumer gave the market hope when he suggested that it looks like today; stocks nearly retraced all of their losses. But then the bill failed again in the senate; politicians want more (for their friends/political supporters [forgive my cynicism (toward both parties), but I've been here before -- later we'll peruse what'll be the shocking pork in the bill]). Stocks moved back toward the day's lows.
If you're not thinking "how ridiculous", you're just not thinking. A bill will absolutely pass, today or tomorrow, it's a virtual certainty.
All cynicism aside, people indeed will need it badly, and the market will love it -- that is for a second, a minute, a day, a week, even a month or longer -- but ultimately folks, per my earlier Quote of the Day, you can only defy economic gravity for so long.
I.e., we'll continue to invest based on what real world conditions dictate, taking all into account, including the impact of the most massive stimulus the world's ever seen.