That's the mental state experienced by an individual who holds two or more contradictory beliefs, ideas, or values at the same time. On the one hand, the President and Fox News are pushing the idea of "Opening Up America Again" as if their lives depend on it and, politicaly, Trump's does because if he doesn't "beat" this virus, he won't be re-elected and, if Trump isn't re-elected, he is very likely to go on trial for all sorts of things he's currently being protected from.
On the other hand, the Senate is about to look at a relief packgage aimed to shore up the states, including paying unemployment benefits (like they are supposed to) for 24M newly unemployed Americans and that "CARES 2" package is looking like ANOTHER $2.2Tn. So are we ready to open up Amercia just 6 weeks after we locked it down or is this a lingering crisis that requires $4.4Tn of direct Government aid PLUS $4Tn from the FED? That's cognative dissonance – they can't both be true – but we're acting as if they both are.
All this talk of throwing MORE FREE MONEY around is driving the Dollar down and boosting the market and our Futures are up another 1% as the Dollar drops another 0.5% – which is pretty much the usual relationship between the two.
It's not much of a rally when the buying power of the currency your stocks are priced in keeps falling but it undoes a lot of technical damage as yesterday the S&P 500 pushed over our Must Hold line at 2,850 and we're also back above the 50-day moving average at 2,800 so, if we can hold that today without going under, next stop is testing the 200 dma at 3,000 and that's just 15% off the all-time high – what virus?
A "recovery" like this sows the seeds of its own destruction as we're going up on stimulus and ignoring the reality of businesses opening up at 25-50% of capacity and the very real possibility that we're re-opening America far too soon (as most medical experts are warning), which will ultimately prolong…