The $VIX has done this again after failing to break out higher last time, only at even lower levels: spot 47, VX1 45, VX2 41, VX3 38. $VXX solidly in a downtrend on short and medium term. Positive divergences everywhere... https://twitter.com/jontait/status/1245126135165394946

Despite $CMBS (commercial mortgage back securities etf) trading back to February levels and volatility backwardation collapsing, some banks seem to think they can still trigger a fire sale on mortgages using margin calls to REITs. Seems very unlikely to work at this point.

The liquidity issue is over. Everybody and their brother is going to be able to borrow their way to June and they will because it's cheaper than getting evicted or relocating. US wants a nominal recovery because capital gains are taxable, losses are not.

Weekends indicating limit down and -1000 DOW points seem like forever ago. We're pretty likely to flip green at weekend Wallstreet between now and Sunday evening open. It's only -71 right now, the highest indication on a Saturday night I can remember in the recent past.