Selling Starts 抛售开始

Due to weakness in European markets, over 30 million people applied for unemployment in US  and very weak Chicago PMI are driving US stock indexes are down this morning.  They are now accelerating to the down side as big tech stocks such as AMZN, AAPL, FB, GOOG and MSFT are losing their morning strengths.  Satisfactory Q1 earning reports from GOOG, FB and MSFT have  raised investors hope on this afternoon's report from AMZN and AAPL.  This is exactly why the market is dangerous since these stocks have been priced in too much optimism and are ripe for a pull back. More sell off is likely after AMZN and AAPL reports this afternoon. The about 35% surge from March 23 bottom for the S&P 500 is too much of a rise and doesn't seem to be sustainable as reality of bad Q2 economy is coming. Technically, S&P 500 failed at 61.8% Fibonacci bounce level at 2937 and has started to come down. Near term supports for the S&P 500 are 2770 (50 DMA) and  2641 (March 30 high).

。In Asia, Japan +2.1%. Hong Kong closed. China +1.3%. India +3.1%.
In Europe,.DAX -2.01%FTSE -3.1%. CAC -2%%.
 Crude +3.09  to $18.15. Gold +3.9% to $1717.30
Ten-year Treasury Yield -2 bps to 0.61%

。The Federal Reserve painted a dour picture of current conditions and pledged Wednesday to continue its historically aggressive policy stance until it is comfortable that the U.S. economy is back on its feet. Following this week’s Federal Open Market Committee meeting, the central bank said it would maintain its current interest rate target between 0% and 0.25%.  "The ongoing public health crisis will weigh heavily on economic activity, employment and inflation in the near term, and poses  considerable risks to the economic outlook over the medium term," the Fed said in a statement after two-day meeting.   "This is about as dire as the language the Fed uses can get." Those are the words of George Pearkes, macro strategist at Bespoke Investment Group, as he reflects on what The Fed promises and worries about going forward. ---CNBC, ZeroHedge

。Christine Lagarde warned that the European economy faces "an economic contraction of unprecedented size and speed" and warned that the Continental economy could contract by  up to 12% for the year 2020. Lagarde made her remarks during the press conference following Thursday's meeting of the ECB Governing Council, where the central bank affirmed that it would leave its easing program mostly as it was, while launching a new pandemic refinancing vehicle for eurozone banks. n addition to the 5%-12% contraction for the year, Lagarde warned that YoY growth for Q2 could contract 15%. She added that the central bank is prepared to extend its rescue programs for as long as they are needed
---Zero Hedge

。The Labor Department said another 3.84 million Americans filed for unemployment benefits last week, bringing the six-week total to more than 30 million. U.S. consumer spending also dropped 7.5% in March on a year-over-year basis. The sharp rise in jobless claims and the precipitous drop in consumer spending come as businesses are forced to shut down and consumers stay home amid the coronavirus pandemic.--- CNBC

。Rising hopes for a coronavirus treatment and a partial reopening of the economy sparked a steep rebound this month, with the S&P 500 popping more than 10%, on track for its best month since 1987.However, a lack of an all-clear on the pandemic front, coupled with worrisome technical and sentiment indicators, lead many Wall Street pros to believe the market is getting ahead of itself. “Beware of the oddity in this bear rally,” said Andrew Lapthorne, global head of quantitative research at Societe Generale. “The dramatic reversal of global markets after the pandemic lows is more puzzling.” ---CNBC

。April Chicago PMI: 35.4 vs. 37.9 consensus, 47.8 prior. Production plunged to lowest since 1980, while new orders recorded the biggest slide. ---Seeking Alpha

。Microsoft (NASDAQ:MSFT): Q3 GAAP EPS of $1.40 beats by $0.13.Revenue of $35.02B (+14.4% Y/Y) beats by $1.32B. "COVID-19 had minimal net impact on the total company revenue," says Microsoft (NASDAQ:MSFT), reporting a fiscal Q3 beat. ---Seeking Alpha

。Facebook (NASDAQ:FB): Q1 GAAP EPS of $1.71 beats by $0.01. Revenue of $17.74B (+17.6% Y/Y) beats by $520M. CFO said next quarter is unknown. ---Seeking alpha

。Testla (TSLA) reported first quarter earnings of $1.24 per share on revenue of $5.99 billion. Analysts were expecting a loss of 28 cents per share on revenue of $6.1 billion. ---The Street

。Caterpillar (CAT): Q1 Non-GAAP EPS of $1.60 misses by $0.07; GAAP EPS of $1.98 beats by $0.25. Revenue of $10.64B (-21.2% Y/Y) misses by $340M.  Company warned of a "severe and chaotic" impact from the coronavirus pandemic, but analysts say Q1 results were not as bad as feared. ---Seeking Alpha





由于欧洲市场疲软，美国过去6周有超过3000万人申请失业救济，而且芝加哥PMI非常疲软，美国各大股票指数今早下跌。它们现在正在加速下跌。大型科技股，如AMZN，AAPL，FB，GOOG和MSFT也开始失去它们早盘的强势。 来自GOOG，FB和MSFT的令人满意的第一季度收益报告提高了投资者对AMZN和AAPL今天下午报告的希望。 这就是市场之所以如此危险的原因，因为这些股票的交易价格都在过于乐观水平而回落的时机已经成熟。 在AMZN和AAPL今天下午发布报告之后，市场可能会有更大的抛售。自3月23日的底部以来，标普500指数的涨幅约为35％。涨幅太过份了，随着第二季度经济不景气的到来，这种涨势应该不能持续。 技术上，标准普尔500指数在61.8％的斐波纳契反弹水平2937被阻而开始回落。 标普500的近期支撑位是2770（50 DMA）和2641（3月30日高点）。

。在亚洲，日本+ 2.1％。 香港关闭。 中国+ 1.3％。 印度+ 3.1％。
在欧洲，.DAX -2.01％FTSE -3.1％。 CAC -2 %%。
  原油价格上涨3.09美元至18.15美元。 黄金+ 3.9％至$ 1717.30
十年期美国国债收益率-2个基点至0.61％

。美联储（Fed）对当前状况描绘了一副惨淡的图画，并在周三承诺继续其历史上积极的政策立场，直到对美国经济重新站稳脚步感到满意为止。在本周的联邦公开市场委员会会议之后，中央银行表示将维持目前的利率目标在0％至0.25％之间。美联储在为期两天的会议后的一份声明中说：“持续的公共卫生危机将在短期内严重影响经济活动，就业和通货膨胀，并对中期的经济前景构成相当大的风险。” “美联储使用的语言非常可怕。”这些就是Bespoke 投资集团宏观策略师乔治·皮尔克斯（George Pearkes）的话，他在反思美联储对未来的承诺和担忧。 --- CNBC，ZeroHedge

。克里斯汀·拉加德（Christine Lagarde）警告说，欧洲经济将面临“前所未有的规模和速度的经济收缩”，并警告说，到2020年欧洲大陆经济可能收缩12％。欧洲央行在声明中表示，将大体保留其宽松计划，同时为欧元区银行推出新的大流行性再融资工具。除了今年收缩5％-12％外，Lagarde警告说第二季度的同比增长可能收缩15％。她补充说，央行准备在需要时延长其救援计划。---Zero Hedge

。劳工部表示，上周又有384万美国人申请失业救济，六周总人数超过了3000万。美国3月消费者支出也同比下降7.5％。在冠状病毒大流行期间，企业被迫关闭，消费者不得不呆在家里，失业救济人数急剧上升，消费者支出急剧下降。--CNBC

。对冠状病毒治疗和部分经济重新开放的希望不断上升，本月引发了股市急剧反弹，标准普尔500指数暴涨10％以上，创下自1987年以来的最佳月度。病毒大流行的不确定性，加上令人担忧的技术和情绪指标，使许多华尔街专业人士相信市场正在超越自身。法国兴业银行全球定量研究负责人安德鲁·拉普索恩（Andrew Lapthorne）说：“提防这次熊市反弹的怪异之处。” “在病毒大流行达到股市的低点之后，全球市场的急剧逆转更加令人困惑。” --- CNBC

。4月芝加哥PMI：35.4对 37.9预期，之前为47.8。产量降至1980年以来的最低水平，而新订单则录得最大跌幅。 ---Seeking Alpha

。微软（MSFT）：第三季度GAAP每股收益为$ 1.40，好于预期$ 0.13; 收入为$ 35.02B（同比为+ 14.4％），好于预期$ 1.32B。微软公司（MSFT）说：“ COVID-19对公司总收入的净影响很小。” ---Seeking Alpha

。Facebook（FB）：第一季度GAAP每股收益为1.71美元，好于预期0.01美元。收入$ 17.74B（同比增长17.6％）好于预期$ 520M。首席财务官表示，下个季度情况未知。 ---Seeking Alpha

。Testla（TSLA）报告第一季度每股收益为1.24美元，营收为59.9亿美元。此前，市场平均预期该公司每股亏损28美分，营收61亿美元。---The Street

。卡特彼勒（CAT）：第一季度非GAAP每股收益为1.60美元，怀于预期0.07美元； GAAP每股收益为1.98美元，好于预期0.25美元。 $ 10.64B（年比-21.2％）的收入低于预期$ 340M。 该公司警告说，冠状病毒大流行会造成“严重而混乱的”影响，但分析人士说，第一季度的结果并不像人们所担心的那样糟糕。 ---Seeking Alpha

Stock Market Is Up But Is Getting More Risky 股市上涨但风险越来越大

Major stock indexes opened up and holding on positive testing result of Gilead's Remdesivir drug for the treatment of COVID-19 and strong price move for WTI crude. Investors beat up  BA and GOOG while selling off AMD and SBUX, all of them reported earnings,  and all of these companies warned on difficult future conditions.  Q1 GDP plunged to -4.8% Vs -4% expected, the worst since 2008. Nowadays, investors sentiment is so bullish that they only focus on good news but ignore the bad ones. This behavior is dangerous. The Federal Reserve is to decide on monetary policy at 11AM Pacific Time today. The stock market may hold its gain until then. Technically, the S&P 500 has crossed above its April 17 high 2880 and the next two resistances are 2936 and 3007. Stock market is now further overbought and getting even more dangerous and is not to be chased.

。Gilead Sciences (NASDAQ:GILD) says it’s aware of positive data emerging from the National Institute of Allergy and Infectious Diseases’ ("NIAID") study of the investigational antiviral remdesivir for the treatment of COVID-19. “We understand that the trial has met its primary endpoint and that NIAID will provide detailed information at an upcoming briefing,” company says. The NIAID trial aimed to sign up 600-800 patients and give a definitive answer as to whether remdesivir can help treat the virus. Jefferies is out with a note, saying it expects the FDA to speed approval of the drug.---Seeking Alpha

。WTI  crude up 32% to 16.35 per barrel after smaller-than-expected crude build, production Plunged. ---Zero Hedge

。Gross domestic product declined at a 4.8% annualized rate last quarter, weighed down by sharp decreases in consumer spending and a drawdown of inventory at businesses. That was the steepest pace of contraction in GDP since the fourth quarter of 2008. A deepening downturn in investment by businesses was another major factor in the slump last quarter, helping to overshadow positive news from a shrinking import bill, the housing market and more spending by the government. Economists polled by Reuters had forecast GDP falling at a 4.0% rate last quarter, though estimates were as low as a 15.0% pace. The economy grew at a 2.1% rate in the fourth quarter.  The Commerce Department’s Bureau of Economic Analysis (BEA)said that it could not quantify the full effects of the pandemic, but that the virus had partly contributed to the decline in GDP in the first quarter.
---Reuters

。Earnings reported by Seeking Alpha:

Boeing (BA): Q1 Non-GAAP EPS of -$1.70 misses by $0.21; GAAP EPS of -$1.11 misses by $0.15. Revenue of $16.91B (-26.2% Y/Y) in-line. CEO David Calhoun says the company is targeting 10% staffing cuts, and exploring all options for additional liquidity.

Alphabet GOOG): Q1 Non-GAAP EPS of $9.87 misses by $0.89; GAAP EPS of $9.87 misses by $0.34. Revenue of $41.16B (+13.3% Y/Y) beats by $990M. “Performance was strong during the first two months of the quarter, but then in March we experienced a significant slowdown in ad revenues," says CFO Ruth Porat. “As of today, we anticipate the second quarter will be a difficult one for our advertising business,” Porat said.

Advanced Micro Devices (NASDAQ:AMD): Q1 Non-GAAP EPS of $0.18 in-line; GAAP EPS of $0.14 in-line. Revenue of $1.79B (+40.9% Y/Y) in-line. Management warns about near-term demand uncertainty due to the coronavirus pandemic.

Starbucks (NASDAQ:SBUX): Q2 Non-GAAP EPS of $0.32 in-line; GAAP EPS of $0.28 misses by $0.01. Revenue of $6B (-12.0% Y/Y) beats by $150M. With stores closed in Asia and Europe during the quarter, Starbucks (SBUX) reports global comparable store sales fell 10.0% in FQ2 to nearly match the -9.7% consensus estimate. Average ticket was up 4% and transaction growth down 13% during the quarter. Starbucks said it expects the negative impact of the coronavirus to intensify in the third quarter and then moderate in Q4.

。"As pork, beef and chicken plants are being forced to close, even for short periods of time, millions of pounds of meat will disappear from the supply chain," wrote Tyson Chairman John Tyson, patriarch of the company's founding family, in a Tyson Foods website post that also ran as a full-page ad in several newspapers. "The food supply chain is breaking." ---Tyson Food

。The International Rescue Committee (IRC) estimates that there could be up to one billion coronavirus infections and 3.2 million deaths in crisis-affected countries unless swift action is taken to curb its spread.  US deaths forecast: Dr. Chris Murray, director of the University of Washington’s Institute for Help Metrics and Evaluation, said the institute's scientific model had increased its predicted US coronavirus death toll from 60,000 to 74,000. More than 56,000 people have died in the US, more than a quarter of deaths worldwide.---CNN





主要股票指数因吉利德用于治疗COVID-19的伦德昔韦药物的正面测试结果以及WTI原油的强劲价格走势而高开并且维持在高位。 投资者在抛售AMD和SBUX的同时也推高了BA和GOOG，所有这些公司均报告了收益，而 所有这些公司都对未来的困境提出了警告。 第一季度GDP跌至-4.8％，而预期为-4％，为2008年以来最差。如今，投资者情绪极度乐观，以至于只关注好消息而忽略了坏消息。 这种行为是危险的。 美联储将于今天太平洋时间上午11点决定货币政策。 在决定发布前，股市可能还会保持涨势。 从技术上讲，标准普尔500指数已经越过了其4月17日的高点2880阻力，接下来的两个阻力是2936和3007。股票市场目前进一步超买而越来越危险，不容追涨。

。吉利德科学公司（GILD）表示，它已知道到来自美国过敏和传染病研究所（“ NIAID”）对抗病毒药物瑞姆昔韦 （ remdesivir）COVID-19的研究得出的正面数据。该公司表示：“我们了解该试验已达到其主要终点，而NIAID将在即将到来的简报中提供详细信息。” NIAID试验旨在招募600至800名患者，并就瑞姆昔韦是否可以帮助治疗该病毒给出了明确的答案。杰富瑞（Jefferies）评论表示有希望FDA会加快对该药的批准。---Seeking Alpha

。WTI原油上涨32％，至每桶16.35，此前原油产量低于预期，产量下降。---Zero Hedge

。上一季度国内生产总值（GDP）年率下降4.8％，受消费者支出大幅下降和企业库存减少的拖累。这是自2008年第四季度以来国内生产总值收缩的最快速度。企业投资下滑的加剧是上个季度经济下滑的另一个主要因素，这帮助抵消了进口费用减少，房地产市场和支出增加带来的利好消息。由政府。路透社调查的经济学家此前预计，上季度国内生产总值（GDP）将以4.0％的速度下降，尽管估计低至15.0％。第四季度经济增长率为2.1％。商务部经济分析局（BEA）表示，它无法量化大流行的全部影响，但该病毒在第一季度造成了GDP下降。
---路透社

。Seeking Alpha报告的收益：

波音公司（BA）：第一季度非公认会计准则每股亏损-1.70美元，较上年同期下降0.21美元; GAAP每股亏损-1.11美元，低于预期0.15美元。收入于预期相若为$ 16.91B（年同比-26.2％）。首席执行官戴维·卡尔霍恩（David Calhoun）说，该公司的目标是裁员10％，并探索所有增加流动性的选择。

Alphabet （GOOG，GOOGLe）：第一季度非GAAP每股收益为9.87美元，小于预期0.89美元; GAAP每股收益9.87美元，小于预期0.34美元。收入为$ 41.16B（同比增长13.3％）好于预期$ 990M。首席财务官露丝·波拉特（Ruth Porat）表示：“本季度的前两个月表现强劲，但随后在三月份，我们的广告收入大幅下降。我们预计第二季度对于我们的广告业务来说将是一个艰难的时期。”波拉特说。

Advanced Micro Devices（AMD）：第一季度非GAAP每股收益为0.18美元于预期相若； GAAP每股收益为0.14美元于预期相若。收入为$ 1.79B（同比增长40.9％）于预期相若。 管理层警告称，由于冠状病毒大流行，短期需求不确定。

星巴克（SBUX）：第二季度非GAAP每股收益0.32美元于预期相若； GAAP每股收益0.28美元，低于预期0.01美元。 $ 6B（年比-12.0％）的收入超过预期$ 150M。随着本季度在亚洲和欧洲的门店关闭，星巴克（SBUX）报告称，第二季度全球可比门店销售额下降了10.0％，市场预期为-9.7％。本季度平均销售上涨了4％，销售增长下跌了13％。星巴克表示，预计冠状病毒的负面影响将在第三季度加剧，然后在第四季度有所缓解。

。“随着猪肉，牛肉和鸡肉工厂被迫关闭，在很短的时间内，数百万磅的肉也将从供应链中消失，”泰森公司创始人家族董事长约翰·泰森在食品网站上的帖子及在几家报纸上整版广告刊登写道。。 “食品供应链正在中断。” ---泰森食品

。国际救援委员会（IRC）估计，受危机影响的国家最多可能有10亿例冠状病毒感染和320万例死亡，除非采取迅速行动遏制其蔓延。美国死亡人数预测：华盛顿大学帮助指标与评估研究所所长克里斯·默里（Chris Murray）博士说，该研究所的科学模型已将其预计的美国冠状病毒死亡人数从60,000人增加至74,000人。美国已有56,000多人死亡，占全世界有四分之一以上的死亡。

Market Get Sold On Reopening News重新开放的消息却带来市场抛售

Investors are buying stocks this morning at the open as news of  the first wave of consumers emerging from the coronavirus driven quarantine. The opening states are Alaska, Georgia, South Carolina, Tennessee, Texas. Dow opened was up 379 points earlier and is now up only 9. Nasdaq Composite is the weakest index as it has turned  a 100 point gain to a 79 point drop now. Selling on the big 5 stocks AAPL, AMZN, FB, GOOG and MSFT are dragging the index down.  These stocks have been up too much and are subject to sell off. Technically, S&P 500 failed at the 61.8% fibonacci bounce level resistance near 2936 and retreats. This is probably as good as the S&P 500 can go for now.  It likely will come down to test the 2600 area. Market is now in down side correction mode, expect sell on earning news regardless of whether they are  good or bad. This is because Q1 is now irrelevant .

In Asia, Japan -0.1%. Hong Kong +1.2%. China -0.2%. India +1.2%.
In Europe, at midday, London +1.91%. Paris +1.43%. Frankfurt +1.27%.
Crude -5.8% to $12, Gold-2.5 to $1721.30.
Ten-year Treasury Yield  at 0.616%

April Consumer Confidence: 86.9 vs. 90.0 consensus; 118.8 prior (revised). Present situation index: 76.4 vs. 167.7 prior.“Consumer confidence weakened significantly in April, driven by a severe deterioration in current conditions,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. ---Seeking Alpha

33% of the respondents in the CNBC Fed survey believe the economy won’t be fully restored until the second quarter of 2022, but there are a wide range of views about the recovery.More money will be needed from the Federal Reserve and Congress to combat the pandemic slowdown. GDP will decline by 24% this quarter, respondents to the survey predicted. The unemployment rate will rise as high as 19% and remain elevated through next year, they said. Other highlights of  the survey: rates will remain at zero the rest of year, stocks will finish lower from here and there is a strong chance of a second contagion. ---CNBC

Looking to keep the money flowing, the central bank is buying up to $500B worth of state and local government bonds. Purchases of the paper will be in effect for counties with at least 500K residents, and cities with at least 250K residents (the previous cutoffs were 2M and 1M, respectively). This will allow for up to 261 state, city, and county issuers, up from just 76 previously, with the longest maturity extended to up to three years, from two years previously. ---Wall Street Breakfast

Carl Icahn says we won't see crude prices in negative territory again, WTI plunged 25% on Monday, slumped another 20% overnight to $10/bbl, and there are still 20 days to go until the June settlement date. Weighing on prices is a warning from BP (BP) of an unprecedented coronavirus shock. ---Wall Street Breakfast

Earnings reported by Seeking Alpha:

3M (NYSE:MMM): Q1 Non-GAAP EPS of $2.16 beats by $0.15; GAAP EPS of $2.22 beats by $0.24. Revenue of $8.08B (+2.8% Y/Y) beats by $220M.

United Parcel Service (NYSE:UPS): Q1 Non-GAAP EPS of $1.15 misses by $0.08; GAAP EPS of $1.11 misses by $0.13. Revenue of $18.04B (+5.1% Y/Y) beats by $870M.

Pfizer (NYSE:PFE): Q1 Non-GAAP EPS of $0.80 beats by $0.09; GAAP EPS of $0.61 beats by $0.14. Revenue of $12.03B (-8.3% Y/Y) beats by $650M.

BP (NYSE:BP): Q1 Non-GAAP EPADS of $0.24 misses by $0.01; GAAP EPADS of -$0.19 misses by $0.31. Revenue of $59.65B (-10.0% Y/Y) beats by $2.76B. Q2 outlook: Material impact in downstream. Product demand in fuels marketing to be significantly lower in European and North America businesses. In refining, a decline in product sales will lead to reduced utilization and significantly lower refining margins. In addition, a lower level of North American heavy crude discounts is expected.







第一波消费者从冠状病毒驱动的居家防疫中涌现的消息导致投资者今天早上在开市时入市买股。 开放的州有阿拉斯加，乔治亚州，南卡罗来纳州，田纳西州，德克萨斯州。 道琼斯指数早些时候曾上涨379点，现在只上升9点。纳斯达克综合指数是最弱的指数，因为它已经将100点的涨幅变成了79点的跌幅。 AAPL，AMZN，FB，GOOG和MSFT等5大股票的下跌拖累该指数下跌。 这些股票已经上涨太多，被抛售的机会大。 技术上，标准普尔500指数在2936附近的61.8％斐波纳契反弹水平阻力水平被阻回落。标准普尔500指数近期可能就会在这个水平止步。 它可能会下降测试2600区域。 市场现在处于下行修正模式，无论盈利好坏，都很有可能财报后股票被抛售。 这是因为第一季财报现在已无关紧要。

。在亚洲，日本-0.1％。香港+ 1.2％。中国-0.2％。印度+ 1.2％。
在欧洲，伦敦上涨1.91％。 巴黎+ 1.43％。 法兰克福+ 1.27％。
原油-5.8％至12美元，黄金-2.5至1721.30美元。
十年期国债收益率为0.616％

。4月消费者信心指数：86.9对90.0预期。之前为 118.8（经修订）。目前状况指数：76.4，而之前为167.7。“由于当前状况的严重恶化，4月份的消费者信心大大减弱，”美国经济咨商局经济指标高级主管Lynn Franco说。 ---Seeking Alpha

。CNBC美联储调查的受访者中有33％认为经济要到2022年第二季度才能完全恢复，但对经济复苏的看法不一，美联储和国会将需要更多资金应对病毒大流行的放缓。受访者预测，本季度GDP将下降24％。他们说，失业率将上升至19％，并将持续到明年。该调查的其他亮点是：在剩下的时间里，利率将保持在零水平，从这里开始股票将走低，并且很有可能病毒再次爆发。 --- CNBC

。为了保持资金流动，中央银行正在购买价值高达$ 500B的州和地方政府债券。将购买至少有50万居民的县和至少有25万居民的城市（以前的截止人数分别为200万和100万）的地方债券。这将允许多达261个州，市和县的发行人，而以前只有76个，发行人可以将期限从两年前延长到三年。 ---Wall Street Breakfast

。卡尔·伊坎（Carl Icahn）表示，我们不会再看到原油价格出现负值的情况。 WTI周一暴跌25％，隔夜再跌20％，至10美元/桶，距离六月的结算日还有20天。英国石油公司（BP）警告称受到史无前例的冠状病毒震荡到来的冲击也拖累油价。 ---Wall Street Breakfast

。Seeking Alpha报告的财报：

3M（MMM）：第一季度非公认会计准则每股收益2.16美元，较上年同期增长0.15美元; GAAP每股收益为2.22美元，好于预期0.24美元。 $ 8.08B的收入（同比增长2.8％）好于预期$ 2.2亿。

美国联合包裹运送服务公司（UPS）：第一季度非GAAP每股收益为1.15美元，比去年同期下降了0.08美元； GAAP每股收益1.11美元，低于预期0.13美元。 $ 18.04B（同比增长5.1％）的收入超过预期$ 870M。

辉瑞公司（Pfizer）（PFE）：第一季度非美国通用会计准则每股收益为0.80美元，较上一财年同期下降了0.09美元； GAAP每股收益为0.61美元，优于预期0.14美元。 $ 12.03B（年同比-8.3％）的收入超过$ 650M。

BP（BP）：第一季度非GAAP EPADS亏损$ 0.24美元，低于预期$ 0.01； GAAP  -0.19美元低于预期0.31美元。 $ 59.65B（年率-10.0％）的收入超过过预期$ 2.76B。第二季度展望：对将来有重大负面影响。欧洲和北美企业的燃料营销产品需求将大大降低。在炼油方面，产品销量的下降将导致利用率降低，并大幅降低炼油利润。此外，预计北美重质原油折扣将有所降低。

Risk Is Looming For The S&P 500标准普尔500指数的风险越来越大

After rising 29.4% from the March 23 low, the S&P 500 is in danger again. Technically, S&P 500 is facing 3 obstacles :

1. April 17 peak 2880
2. 61.8 fibonacci bounce level 2936
3. 200 day moving average level 3008

And Money Flow Index indicates overbought,  ADX is calm and -DX and +DX looks ready to turn, may be turning like what happened in February 20 when -DX spike over +Dx. There are more than 170 S&P 500 companies reporting earning this week and the big 5 companies  (AAPL, AMZN, FB, GOOG and MSFT) are included. Since the above 5 stocks have discounted a lot of good news, in their stock prices,  sell on earning news looks likely.   The S&P 500 is also  overbought and facing important resistances, it's ripe for it to come down also. Besides we are not likely to get off hook from the COVID-19 crisis this easy (in two moths? I don't believe it.) Near term supports are 2798 and 2619.

Down trend in oil price is not yet over as over supply persists.  It is going to drag down the stock market wit it. Oil price bounced 3 days in a row after recent sharp drop and is hitting heavy resistance at the $20 level.  It turned down again today.  As oil price drops so will the stock market.

Apple (AAPL), Amazon (AMZN), Facebook (FB), Alphabet (GOOG) and Microsoft (MSFT) are now the biggest 5 companies in capitalization and they have now 20% of S&P 500 capitalization, the largest since 1980r. The larger this percentage goes, the more danger the stock market will be. In year 2000, capitalization of the largest 5 companies (Microsoft, GE, Cisco, Intel and Walmart) was 18% of S&P 500 and the market  crash ensued.

The present conditions of the United States are record deficit, record debt， record unemployment and the economy is in recession.  90% of the companies reported earnings did not provide guidance for 2020 because the unknown aspect of the COVID-19. And yet the  price of AAPL, AMZN,  FB, GOOG and MSFT compare with their year end prices are -3.4%, +30.4%, -7.4%, -4.3% and +11% as of April 24. They are priced too optimistically.  They are all reporting earning this week. Whether news is good or bad, sell on news is likely. The entire market rose sharply today, but surprisingly， it happened that all these five stocks fell except AAPL. Profit-taking may have begun. Followings are their technical situations:

AAPL: Money Flow Index  indicates overbought, CCI has turned down, near 100 day moving average resistance.

AMZN: Money Flow Index  indicates overbought, CCI has turned down, stock price  reversed down today .

FB: Money Flow Index  indicates overbought, CCI has turned down, stock price reversed down today at  200 day moving average resistance.

GOOG:  Money Flow Index  indicates overbought, CCI has turned down, reused down today below 200 day moving average resistance.

MSFT:  Money Flow Index , CCI have turned down, stock price  reversed down today.

Today CNBC consulted Jeffrey Gundlach's market opinion as follows:

Jeffrey Gundlach, CEO of DoubleLine, said on Monday the stock market could sell off again to retest the low in March as he believes investors are too optimistic about the economic recovery from the coronavirus pandemic. “I think a retest of the low is very plausible,” Gundlach said on Monday on CNBC’s “Halftime Report.” “I think we’d take out the low. People don’t understand the magnitude of ... the social unease at least that’s going to happen.” “I’m certainly in the camp that we are not out of the woods.,” He said. DoubleLine had more than $148 billion in assets under management as of the end of 2019, according to its website.






从3月23日的低点上涨多于30%之后，标普500再次处于危险之中。技术上，标准普尔500指数面临3个障碍：

1. 4月17日高峰2880阻力
2. 61.8斐波纳契反弹水平2936阻力
3. 200天移动平均线3008阻力

$SPX资金流量指数显示超买，CCI已经下降，ADX处于平静状态，-DX和+ DX准备转向，可能像2月时那样-DX线向上交叉+ Dx。本周有170多家标普500指数公司报告收益，其中包括5大公司（AAPL，AMZN，FB，GOOG和MSFT）。 由于上述5只股票都已反映了很多好消息，因此有可能在财报后会获利回吐。 标普500指数也超买，并且面临重要阻力，下跌的时机已经成熟。此外，我们不会容易地从COVID-19危机中摆脱出来（两个月？我不信。）近期支撑位在2798和2619。

由于供应过剩，石油价格的下跌趋势尚未结束。 这将拖累股市。 在最近的大幅下跌之后，石油价格连续三天反弹，并在20美元的水平上遇到了严重的阻力。今天开始在跌。 随着油价下跌，股市也会下跌。

苹果（AAPL），亚马逊（AMZN），Facebook（FB），Alphabet（GOOG）和微软（MSFT）现在是市值最大的5家公司，它们现在拥有标准普尔500指数市值的20％，是自1980年代以来最高。 这个百分比越大，股票市场的危险就越大。 在2000年，最大的5家公司（微软，通用电气，思科，英特尔和沃尔玛）的资本总额为标普500的18％，随后市场崩盘。

美国的当前状况是创纪录的赤字，创纪录的债务，创纪录的失业率和经济处于衰退之中。因为COVID-19的未知如何结局， 在财报后，90％的公司未能提供2020年的指导。 然而，AAPL，AMZN，FB，GOOG和MSFT的价格在4月24日时与年末价格相比分别为-3.4％，+ 0.4％，-7.4％，-4.3％和+ 11％。 他们的定价过于乐观。 他们都在本周报告业绩。 无论消息是好是坏，报告后被抛售的可能性大。今天整个大市上升，但赶巧这五只股票除了AAPL外都下跌。获利回吐或已开始。以下是它们的技术指标情况：

AAPL：资金流向指标显示超买，CCI向下，股价今天在100天移动平均线被阻回落。

AMZN：资金流量指数显示超买，CCI转跌，股价今天反转向下。

FB：资金流量指数表明超买，CCI下跌，今天在200天移动平均线被阻反转回落。

GOOG：资金流量指数显示超买，CCI下降，股价今天反转向下并低于200天移动平均线阻力。

MSFT：资金流量指数及 CCI均已向下，今天股价反转向下。

今天CNBC咨询 了杰弗里·冈德拉克（Jeffrey Gundlach 的市场意见如下：

DoubleLine首席执行官杰弗里·冈德拉克（Jeffrey Gundlach）周一表示，股市可能会再次被抛售，并重新测试3月份的低点，因为他认为投资者对冠状病毒大流行带来的经济复苏过于乐观。 冈德拉克周一在CNBC的“半场报告”中说：“我认为重新测试低点是很合理的。” “我认为我们会跌低于低点。 人们至少不理解……社会不安的严重程度。” 他说：“我肯定，我们并没有走出困境。” 根据其网站的数据，截至2019年底，DoubleLine管理的资产超过1,480亿美元。

Beware Of Sell On News This Week当心本周财报后的抛售

US stock indexes continue surging upward as Bank Of Japan announcing more easing actions and more any more states are planning to reopen and European and Asian markets are up.  However , oil prices continue to drop. Its a big week as far as economic releases and earnings reports are concern.
Market trend will be depending on how investors react to these reports. As the market is overbought and near resistances,  be prepare for sell on news may be the likely action by investors. Technically, S&P 500 supports are 2790 and 2660. Resistances are 2933 and 3007.

。European bourses are broadly higher, with Germany's DAX + 2.1%, France's CAC + 1.3% and UK's FTSE + 0.9%; in Asia, Japan's Nikkei + 2.7% after the Bank of Japan boosted stimulus measures, and China's Shanghai Composite +0.2 %.---SeekingAlpha

。Due to the economic ramifications of the coronavirus, earnings season has never been this trivial, according to Evercore ISI. “It's hard for us to recall a time when earnings reports seemed less important,” Evercore technology analyst Benjamin Black told clients. “In the context of a global pandemic, 30-50% declines in GDP, and an uncertain shape of potential recovery – 1Q results will offer only a 2-week window of possible extrapolation into the current situation, and management teams will likely be reluctant to offer explicit forecasts amidst forces so far out of their control, "he added.---CNBC

。Oil prices slumped again on Monday on concerns over scarce storage capacity, especially in the United States, and global economic doldrums from the coronavirus pandemic. US oil futures led losses, falling by more than $ 3 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon. US West Texas Intermediate CLc1 June futures fell $ 3.61, or 21.3%, to $ 13.33 a barrel by 1215 GMT. Brent crude LCOc1 was down $ 1.17, or 5.5%, at $ 20.27 a barrel. The June Brent contract expires on Thursday. Oil futures marked their third straight week of losses last week, with Brent ending 24% down and WTI off about 7%. Prices have now fallen for eight of the past nine weeks. ---Reuters

。White House economic adviser Kevin Hassett says Q2 GDP will be the 'biggest negative number since the great depression,' Hassett says that a lot of the unemployment insurance claims occurred after they were included in the survey for official unemployment data, and so "the really bad news that we've been seeing in initial claims will be spread over a couple of months. "He then said that he expects the unemployment rate will be around 16%-17%, and that the Q2 GDP number will be the" biggest negative number that we've seen since the great depression, "which could be in the -20% to -30% range. ---ZeroHedge

。Mizuho upgraded eBay (EBAY) to Neutral from Underperform as they expect the appointment of the new CEO should accelerate its portfolio review.

Mizuho upgraded Twitter (TWTR) to Neutral from Underperform as they feel the COVID-19 impact is mostly reflected in the stock price.

UBS downgraded Gilead Sciences (GILD) to Neutral from Buy on valuation; what's more, firm sees risk / reward into remdesivir (RDV) phase 3 readout as balanced.

Morgan Stanley downgraded Caterpillar (CAT) to Underweight from Equal Weight as they see growing headwinds from a multi-year downturn in Non-Resi Construction, combined with historically weak oil prices and declining mining commodity prices.

---Briefing.com







随着日本银行宣布采取更多宽松行动，以及更多州计划重新开放加上欧洲和亚洲市场上涨，美国股指继续上扬。 但是，石油价格则继续下跌。 就经济发布和收益报告而言，这是重要的一周。市场趋势将取决于投资者对这些报告的反应。 由于市场超买且接近阻力位，要提防投资者可能采取的行动是新闻发布后卖出。 从技术上说，标普500的支撑位是2790和2660。阻力位是2933和3007。

。欧洲股市普遍走高，德国的DAX + 2.1％，法国的CAC + 1.3％，英国的FTSE + 0.9％；在亚洲，日本央行刺激刺激措施后，日本日经指数上涨2.7％，中国上海综合指数上涨0.2％。---SeekingAlpha

。据Evercore ISI称，由于冠状病毒的经济影响，收益季节从未如此微不足道。 Evercore技术分析师本杰明·布莱克（Benjamin Black）对客户说：“我们很难回想起财报似乎不太重要的时期。” “在全球病毒大流行的背景下，GDP下降30％至50％，并且潜在复苏的形状不确定–第一季度的结果只能提供两周的时间来推断当前情况。由于情况仍然没受到控制，企业管理团队不愿对有关投资计划及收益作出评论。--CNBC

。石油价格周一再次下跌，原因是市场对储存能力不足的担忧，尤其是在美国，以及冠状病毒大流行导致全球经济低迷。由于担心俄克拉荷马州库欣的储存可能很快达到满负荷状态，美国石油期货跌幅最大，跌幅超过每桶3美元。格林威治标准时间1215，美国西德克萨斯中质油6月期货下跌3.61美元，或21.3％，至每桶13.33美元。布兰特原油期货下跌1.17美元，或5.5％，报每桶20.27美元。六月布伦特原油合约在星期四到期。石油期货上周连续第三周下跌，布伦特收盘下跌24％，WTI下跌约7％。在过去九周中，价格已经下跌了八周。 ---路透社

。白宫经济顾问凯文·哈塞特（Kevin Hassett）表示，第二季度GDP将是“自大萧条以来最大的负数”，哈塞特说，许多失业保险索赔发生在将其纳入官方失业数据调查之后，因此，“我们在最初的申领失业看到的真正坏消息将持续几个月。“他说，他预计失业率将在16％-17％左右，而第二季度的GDP数据将是“ 自大萧条以来我们看到的最大负数，“可能在-20％至-30％范围内。 ---ZeroHedge

。瑞穗证券（Mizuho）将eBay（EBAY）的股票评级从“跑赢大盘”（Unperperform）上调至“中性”，因为他们预计任命新首席执行官将加速其投资组合审查。

瑞穗将Twitter（TWTR）从落后大市上调至中性，因为他们认为COVID-19的影响主要已体现在股价上。

瑞银将吉利德科学（GILD）的股票评级从买入下调至中性。公司认为remdesivir（RDV）第3阶段读数的风险/回报是不相上下的。

摩根士丹利（Morgan Stanley）将卡特彼勒（CAT）的股票评级从“等权重”下调至“减持”，原因是他们看到非住宅建筑业多年下滑带来的阻力越来越大，加上历史上疲软的石油价格和矿业商品价格的下跌。

---Briefing.com

Major Test For The Market Is Next Week下周是市场的主要考验

In the face of weak Asian and European stock markets , Intel (INTC ) earnings forecast less than expected and not providing 2020 full year guidance and Google (GOOG, GOOGL) cutting  its second-half marketing budgets , major us stock market indexes still opened up. Even though they have lost most of their morning gains now, however the market has been resilient to bad news.  Of course, higher oil price and analysts raising Amazon (AMZN) price target are supportive to market The  big test is next week when big cap stocks will be reporting earnings and the earnings will likely determine which way the market will go.  These earnings  are Tusday's MMM, CAT, PFE, PEP, MRK, AMD and BP; Wednesday's FB and MSFT; Thursday's AMZN, AAPL and TWTR; Friday's XOM and CVX. As for now, yesterday's big down side reversal and today's lost of upside momentum are bearish for the market technically.  S&P 500 failing to break above April 17 high of 2880 also means short term pull back likely. S&P 500 supports are now 2600 to 2650 area. Resistance is 2880.

。Latest world and US virus statistics：

Global cases: More than 2,754,506
Global deaths: At least 192,317
US cases: More than 888,881
US deaths: At least 50,369
US new cases:2,439
Russia deaths: 615
Russia new cases: 5,849

。In Asia, the major markets closed lower with Japan falling 0.9% and China dropping over 1%. The Nikkei was led lower by tech names which declined after Intel issued a cautious outlook. This was the first weekly loss for the Nikkei in three weeks. The Shanghai saw a disappointing session and fell despite another rate cut by the PBOC to its targeted medium-term lending facility. In Europe, the major bourses are down about 1%. Sentiment has soured in the region following yesterday's negative headlines surrounding Gilead's COVID-19 treatement and the EU's lack of agreement over the structure of an economic recovery fund. EU banks are getting hit as well after S&P lowered the outlooks for both Deutsche Bank and Commerzbank. The lenders are down about 5% each.
---Briefing.com

。Oil rose for a third day on Friday, rebounding from a historic rout that saw a futures contract turn negative for the first time ever. West Texas Intermediate crude climbed 3.5% to trade above $17 per barrel amid increasing bets for a U.S. production cut, bringing its three-day rally to more than 40%.---CNBC

。Intel (INTC): Q1 Non-GAAP EPS of $ 1.45 beats by $ 0.18; GAAP EPS of $ 1.31 beats by $ 0.11. Revenue of $ 19.83B (+ 23.2% Y / Y) beats by $ 1.17B. Intel said it expects $ 1.10 in adjusted earnings per share and $ 18.50 billion in revenue in the second quarter. Analysts polled by Refinitiv had expected adjusted second-quarter earnings of $ 1.19 per share on $ 17.97 billion in revenue. Intel said it would not give guidance for the full year. ---Seeking Alpha

。Google (GOOG, GOOGL) is slashing its second-half marketing budgets by as much as half, CNBC reports - a somewhat more drastic move than its CEO signaled last week. That will include a hiring freeze for full-time employees and contractors.---Seeking Alpha

。Price target increases gather for Amazon (NASDAQ:AMZN) as analysts continue to grow more bullish on the coronavirus-related demand tailwinds.

JMP Securities (Market Outperform, target up $200 to $2,650) sees Amazon as the "prime beneficiary" of the e-commerce surge and expects the trend to lead to long-term "consumer wallet share gains."

Stifel (Buy, PT up $200 to $2,600) calls Amazon "one of the best positioned companies" during the pandemic, which will accelerate changes in consumer behavior that could continue to benefit AMZN after the crisis.

MKM Partners (Buy, PT from $2,325 to $2,500) says AMZN will "gain incremental market share in eCommerce and Cloud computing," but the firm worries that near-term consensus estimates are too high.

--Seeking Alpha

。Despite the massive shift to remote work and the surge in demand for certain online services, the tech industry has seen a widespread drawdown in job listings. Jobs openings nationwide across the industry dropped more than 20 percent between mid-March and mid-April, according to analysts at Glassdoor. The pullbacks have been especially acute among private e-commerce companies, according to Thinknum Alternative Data. Many software firms, on the other hand, have increased postings or kept hiring relatively steady. ---CNBC

。President Donald Trump said Thursday that his administration may extend its national social distancing guidelines until early in the summer or later. “We may, and we may go beyond that,”  Trump said at a White House press briefing when asked if the federal guidelines would need to be extended at least until the start of summer. “We’re going to have to see where it is ... I think people are going to know just out of common sense. At some point, we won’t have to do that. But until we feel safe, we’re going to be extending.” ---CNBC

。Oil soared on Thursday, extending its rebound after major oil-producing nations said they would accelerate planned production cuts to combat the dramatic slump in demand due to the COVID-19 pandemic. US producers are also plan to shut down some production in order to help the supply and demand picture. ---Reuters

。A article on a closely followed therapeutic intended to help treat COVID-19 was reported to have shown disappointing results in a trial, according to an article by the Financial Times and Stat News. A clinical trial on the Gilead Sciences's drug remdesivir had been the World Health Organization and accidentally published, the FT reported and State reported. The FT said that researchers studied 237 patients, giving the drug to 158 and comparing their progress with the remaining 79. The story indicated that the drug showed significant side effects in some, with 18 patients taken off it. A WHO spokesperson told Stat that the manuscript is undergoing peer review and was published by accident. Earlier this month Chinese authorities had halted two trials for remdesivir, saying that there weren't enough patients to fully enroll the studies.---Market Watch


面对亚洲和欧洲股市的疲软，英特尔（INTC）的盈利预测低于预期且未提供2020年全年指导以及Google（GOOG，GOOGL）削减其下半年营销预算的情况下，美国主要股市指数今早仍能开高 。 尽管他们现在已经失去了大部分的早盘升幅，但是市场近期在坏消息下仍能保持向上的韧性。当然，继续上升的油价和分析师提高亚马逊（AMZN）价格目标都对市场构成支撑。主要市场测试将在下周进行，届时大型股将报告财报，而结果将决定市场走向。 这些财报是星期二的MMM，CAT，PFE，PEP，MRK，AMD和BP； 周三的FB和MSFT； 周四的AMZN，AAPL和TWTR和 星期五的XOM和CVX。 就目前而言，昨天的大幅下行逆转以及今天失去向上动能技术上对市场利空。 而标普500未能突破2880年4月17日高点，也意味着短期有可能回落。 标普500支撑位现在是2600至2650区域。 阻力是2880。

。最新世界和美国病毒统计：

全球案件：超过2,754,506
全球死亡人数：至少192,317
美国案件：超过888,881
美国死亡人数：至少50,369
美国新案件：2,439
俄罗斯死亡人数：615
俄罗斯新案件：5,849

。在亚洲，主要市场收盘下跌，日本下跌0.9％，中国下跌超过1％。科技股领跌日经指数，因英特尔发表谨慎的展望而下跌。这是日经指数三个星期以来的首次周亏损。尽管人行再次下调目标中期贷款工具的利率，但上海股市还是令人失望。在欧洲，主要交易所下跌约1％。在昨天围绕吉利德（Gilead）COVID-19 疗法测试的负面新闻以及欧盟对经济复苏基金的结构缺乏共识之后，该地区的情绪开始恶化。在标准普尔下调德意志银行和德国商业银行的前景之后，欧盟银行也受到打击。每家银行下跌约5％。---Briefing.com

。石油价格在周五连续第三天上涨，从期货价格首次出现负价历史性的下跌后反弹。 西德克萨斯中质原油上涨3.5％，至每桶17美元以上，炒家押注美国减产增加，使其三日涨势达到40％以上。---CNBC

。英特尔（INTC）：第一季度非美国通用会计准则每股收益为1.45美元，较上年同期下降0.18美元; GAAP每股收益为1.31美元，比去年同期的0.11美元要高。 $ 19.83B（+ 23.2％Y / Y）的收入好于$ 1.17B。英特尔表示，预计第二季度调整后的每股收益为1.10美元，营收为185亿美元。 Refinitiv调查的分析师此前预计，第二季度调整后的每股收益为1.19美元，营收为179.7亿美元。英特尔表示将不提供全年预测。---Seeking Alpha

。据CNBC报道，谷歌（GOOG，GOOGL）将其下半年的营销预算削减了一半，这比其首席执行官上周表示的要激烈得多。 这将包括冻结全职员工和承包商的招聘。---Seeking Alpha

。由于分析师继续对冠状病毒相关的需求继续看涨，因此亚马逊（AMZN）的价格目标继续被上调。

JMP证券公司（市场表现优于大市，将目标股价上调200美元至2,650美元）将亚马逊视为电子商务激增的“主要受益者”，并预计这一趋势将导致长期的“消费者钱包份额增长”。

Stifel（买入，目标价上涨200美元至2,600美元）称亚马逊在大流行期间是“定位最好的公司之一”，这将加速消费者行为的变化，在危机过后后可能继续使AMZN受益。

MKM Partners（目标价从2,325美元升至2,500美元）表示，AMZN将“在电子商务和云计算中获得增量市场份额”，但该公司担心近期市场共识估计过高。

-Seeking Alpha

。尽管远程工作发生了巨大变化，并且对某些在线服务的需求激增，但科技行业的工作招聘大幅减少。 Glassdoor的分析师表示，从3月中旬到4月中旬，全国范围内的职位空缺下降了20％以上。根据Thinknum Alternative Data的数据，在私人电子商务公司中，这种回撤尤其严重。另一方面，许多软件公司增加了职位或保持相对稳定的招聘。 --- CNBC

。唐纳德·特朗普总统周四表示，他的政府可能将其全国社会隔离准则延长至夏初或更久。特朗普在白宫新闻发布会上被问及是否需要将联邦准则至少延长至夏季开始时说：“我们可能，而且我们可能会超越这一时间范围。” “我们将不得不去看看情况……我认为人们将会 出于常识而知道。在某些时候，我们不必这样做。但是，除非我们感到安全，否则我们将继续延长。” --- CNBC

。在主要产油国表示他们将加速计划的减产以应对由于COVID-19大流行而导致的需求急剧下降之后，石油周四飙升，延续了反弹。美国生产商还计划关闭部分生产，以改善供需状况。 ---路透社

。据《金融时报》和《统计新闻》报道，据报道一篇有关旨在帮助治疗COVID-19的密切关注疗法的文章在一项试验中显示出令人失望的结果。英国《金融时报》报道和Stat新闻报道，世界卫生组织已在吉利德科学公司GILD的药物瑞地昔韦的临床试验结果意外被发表。英国《金融时报》表示，研究人员对237名患者进行了研究，将158例患者给予该药，并将其进展与其余79例患者进行了比较。该报道显示该药物在某些患者中显示有明显的副作用，其中18例患者已将其停用。一位世卫组织发言人告诉Stat，该手稿正在接受同行评审，并且是偶然被发布的。本月早些时候，中国当局已停止了瑞姆昔韦的两项试验，称目前尚无足够的患者充分参加这项研究。

Market Bullish Now , Negative Realities Still May Set In 现在市场看涨，负面现实仍会降临

Bank Of Japan announced unlimited QE and oil price rallying for the second day are main drivers for the stock market this morning. 4.43 million people applying unemployment benefits and sharp drop in March new home sales are being ignored.  Major market indexes are up over 1%. Market sentiment is bullish as it is focusing good things to come while leaving the realities ,the COVID-19's negative impact on the global economy. Some time later, the negative realities are to set in and hurt market. For now, the focus is on the S&P 500 April 17 high 2880 resistance level and the 2936 , the 62% bounce of the drop from all time high to March 27, low.  These two are strong resistances. It is very impressive that the market can bounce to near the 62% bounce level. If this level is broken to the upside, a total retrace to all time high is possible.

。Latest world and US virus statistics：

Global cases: More than 2,669,701
Global deaths: At least 186,380
US cases: More than 851,327
US deaths: At least 47,800
US new cases:2610
UK cases: 138,078
UK deaths: 18,738
UK new cases: 4583
Russia cases: 62,773
Russia deaths: 555
Russia new cases: 4774

。One day after the ECB announced that it - just like the Fed - would purchases fallen angle junk bonds, the BOJ, afraid it would be left behind in the global race to crush one's currency, is reportedly preparing to abandon its 80 trillion yen a year purchase limit for JGBs and will replace it with unlimited QE - also just like what the Fed unveiled exactly one month ago - when it meets for its next policy meeting on Monday, the Nikkei reports. Additionally, the BOJ is also set to double purchase targets for CP and corporate bonds, while keeping its Yield Curve Control in place, targeting the 10-year JGB at around 0% and maintaining  negative rate at -0.1%. ---ZeroHedge

。Initial Jobless Claims: -810K to 4.427M vs. +4.25M consensus, 5.237M prior (revised from 5.245M). The four-week moving average of 5.79M was up 280K from the previous week. --Seeking Alpha

。Sales of new U.S. single-family homes dropped by the most in more than 6-1/2 years in March and further declines are likely as the novel coronavirus outbreak batters the economy and throws millions of Americans out of work. The Commerce Department said on Thursday new home sales fell 15.4% to a seasonally adjusted annual rate of 627,000 units last month. The percentage decline was the largest since July 2013. February’s sales pace was revised down to 741,000 units from the previously reported 765,000 units. Economists polled by Reuters had forecast new home sales, which account for about 10% of housing market sales, plunging 15% to a pace of 645,000 units in March.---Reuters

。Energy stocks enjoyed a broad rally Thursday morning, enough to pace the S&P 500's 11 sectors in gains, as crude oil prices soared for a second day after the historic drubbing earlier this week. The SPDR Energy Select Sector ETF XLE, +4.17% climbed 3.7% with 24 of 27 components gaining ground. Leading the way was Apache Corp.'s stock APA,  which shot up 10.8% toward a 6-week high, and has not shot up 23.1% over the past three days. Among the ETFs other more-active components,shares of Occidental Petroleum Corp. OXY,  rallied 5.3%, Marathon Oil Corp. MRO,  jumped 5.0%, Halliburton Co. HAL,  advanced 5.5% and Exxon Mobil Corp. XOM, tacked on 4.1%, while Kinder Morgan Inc. KMI,  slipped 2.2%. Crude oil futures CL00, shot up 28.2% after running up 19.1% on Wednesday, but has still only retraced 34% of the 47.8% plunge over Monday and Tuesday. The energy ETF has now gained 46.8% over the past month, making it the best performer among SPDR ETFs tracking the S&P 500's 11 sectors. Crude oil futures have shed 24.3% the past month and the S&P 500 has gained 26.5%.
---Market Watch

。The world's largest oil companies have been known for their dividend safety for years, but that may be changing amid a historic rout in crude prices. "In this extraordinary situation, we have decided to reduce the cash dividend for the first quarter 2020 by 67% [to $0.09]," Norway's Equinor (NYSE:EQNR) said in a statement. While most oil majors have already slashed investments and buybacks, the latest could be a signal of what's to come from others in the industry, including Royal Dutch Shell (RDS.A, RDS.B), BP (NYSE:BP), Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Total (NYSE:TOT) and ConocoPhillips (NYSE:COP). ---Wall Street Breakfast

。Gap said its existing cash and the cash it expects to bring in might not be enough to sufficiently fund its operations, as its stores remain temporarily shut because of the coronavirus pandemic. The apparel company said in a securities filing that it must take further actions to find liquidity over the next 12 months, such as additional job cuts and new debt financing.  It added that beginning this month, it stopped paying rent on its temporarily shuttered stores, which amounts to roughly $115 million in monthly expenses in North America. ---CNBC






。最新世界和美国病毒统计：

全球案件：超过2,669,701
全球死亡人数：至少186,380
美国案件：超过851,327
美国死亡人数：至少47,800
美国新案：2610
英国案件：138,078
英国死亡人数：18,738
英国新案件：4583
俄罗斯案件：62,773
俄罗斯死亡人数：555
俄罗斯新案件：7744

日本央行宣布无限制的量化宽松和油价第二天上涨是今天早上股市的主要驱动力。 443万人申请失业救济和3月份新房销售急剧下降被忽略。 主要市场指数上涨超过1％。 市场情绪看涨，因为它在关注美好事物的同时又抛弃了COVID-19对全球经济的负面影响的现实。 一些时间后，负面的现实还会伤害股市。目前，炒家焦点放在标普500指数4月17日的高点2880阻力位和2936，即从历史高点至3月27日的低点的62％反弹水平。这两个都是很强的阻力。 市场反弹至62％的反弹水平附近时非常令人鼓舞的。 如果向上突破该水平，则有可能完全回撤至历史最高水平。

。就像美联储一样，  欧洲央行宣布将购买垃圾债券的一天之后  ，日本央行担心会在全球货币贬值的竞赛中被抛在身后，据《日经新闻》报道，日本央行正准备放弃其每年80万亿日元的有限制购买日本国债而 将以无限制的量化宽松政策取代它，就像美联储一个月前刚刚公布的那样。这是在周一召开下一次政策会议时提出的。 此外，日本央行还设置了对国债和公司债券的双重购买目标，同时保持了其收益率曲线控制，将10年期日本国债的目标设定在0％左右并将负利率维持在-0.1％。---ZeroHedge

。初请失业金人数：-810K至442.7万，而共识为+425万，之前为523.7万（从5.245M修订）。四周移动平均值579万，比前一周增加了28万。---Seeking Alpha

。3月份，美国新单户住宅的销售量下降至6/1/2年来最大。随着新型冠状病毒的爆发严重打击经济并导致数百万美国人失业，这种情况有可能进一步下降。 美国商务部周四表示，上月新屋销售下降了15.4％，经季节性因素调整后的年率达到62.7万套。 百分比下降是自2013年7月以来最大。2月的销售速度从先前报告的76.5万间下调至741,000间。 路透社调查的经济学家曾预测，新屋销售将占住房市场销售的10％左右，三月份下降15％至645,000套。
---Reuters

。能源类股周四早盘大涨，足以引领标准普尔500指数11个板块的涨势。在本周初经历了历史性下跌之后，原油价格连续第二天飙升。 SPDR能源精选板块ETF XLE上涨3.17％，涨幅为4.17％，其中27个成份股中有24个上涨。领先的是Apache Corp.的股票APA，朝6周高点上涨了10.8％，在过去三天中上涨了23.1％。在其他活跃成分股中，Occidental Petroleum Corp.（OXY）上涨了6.56％，Marathon Oil Corp. MRO上涨了6.5％，Halliburton Co. HAL上涨了5.0％，上涨了5.5％，Exxon Mobil Corp.（XOM）涨4.41％； Kinder Morgan Inc. KMI下跌2.2％。周三上涨19.1％后，原油期货CL00上涨27.43％，但仍仅回撤了周一和周二暴跌47.8％的34％。过去一个月中，能源ETF上涨了46.8％，成为追踪标普500指数11个行业的SPDR ETF中表现最好的ETF。过去一个月，原油期货下跌了24.3％，标准普尔500指数则上涨了26.5％。

。世界上最大的石油公司多年来一直以股息安全着称，但随着原油价格的历史性暴跌，这种情况可能正在改变。挪威的Equinor（EQNR）在一份声明中说：“在这种特殊情况下，我们已决定将2020年第一季度的现金股息减少67％（至0.09美元），”尽管大多数石油巨头已经削减了投资和回购，但最新消息可能表明该行业的其他公司将会采取行动，包括荷兰皇家壳牌（RDS.A，RDS.B），英国石油（BP），埃克森美孚（Exxon Mobil） （XOM），Chevron（CVX），Total（TOT）和ConocoPhillips（COP）。 ---Wall Street Breakfast

。Gap表示，由于冠状病毒大流行，其商店暂时关闭，其现有现金以及预期带来的现金可能不足以为其运营提供足够的资金。这家服装公司在一份证券文件中表示，它必须采取进一步行动以在未来12个月内找到流动性，例如额外裁员和新的债务融资。它补充说，从本月开始，它停止支付暂时关闭的商店的租金，这在北美每月约为1.15亿美元。 --- CNBC