Earnings & the #Fed. I assumed the 1930s weren’t a good analog for 2020 b/c the fiscal/monetary policy response this year was greater & faster than ever, except perhaps the ‘40s. Policy response matters & in 2020 it blew away steps taken in ’08. How it started… (THREAD/1)
#Earnings & the #Fed. How it’s going… /2
During volatile March, the 1987 crash was a better analog in the speed of the decline in stock prices & in the spike in the #VIX—VXO then. Also: the 1987 episode produced a full retest & pretty slow recovery. The analog worked in helping identify the market’s exhaustion point. /3
1987 & 2020: How it started… /4
A look at the VXO volatility index… /5
How it’s going… /6
And the VXO… /END
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