SMLL - The Market Is Surprisingly Strong (Technically Speaking For 4/13-4/17)
My normal economic analysis - which is based on the business cycle model developed by Arthur Burns and Geoffrey Moore - is not effective during the current situation when national productive capabilities are shut down for national health reasons. Instead, I'm using the National Pandemic Adjustment Period concept developed by St. Louis Fed President James Bullard.
Before introducing the chart section, let's get this out of way: the economic data is horrible right now. For the third week in a row, initial claims for unemployment registered record-high levels; retail sales dropped sharply, homebuilder sentiment crashed;