Pre-market note

US Equity futures trading are rallying hard this morning (+2.2%), although off of their overnight highs.

Asian equities were up across the board last night and Europe is trading solidly in the green this morning.

Headlines seem to be focused more on the pending “reopening” of the U.S. economy, as opposed to the Gilead news yesterday evening (which was muted a bit by Gilead itself).

Treasuries are mixed while interestingly (in light of the equity rally) foreign 10-years are rallying in all major markets, save for Japan.

Oil (WTI), also interestingly (given the risk-on mood this morning) is getting crushed, down 12% to $17.45/barrel as I type. Gold and silver are both trading lower this morning, while (again, interestingly) the dollar is getting creamed virtually across the board. Copper continues to rally on China infrastructure plans…

In terms of economic reality being reflected in the markets, we have to look at stuff the Fed isn’t buying (or pumping up), like oil, for clues. Although the data itself suffices as evidence that the global economy is presently a mess (to say the least)…


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