The first-quarter figures are the first to come out from around the world, though many nations surely will post similarly bad numbers.
There is likely to be some period of consolidation as market players assess the many crosscurrents that are occurring.
From the looks of the stocks of the banks, many of which reported excellent quarters, this group is in real trouble.
I prefer to stick with wrapping positions in collars or using covered calls or stock replacement.
Although there is great fear of the economic issues that lie ahead, there is still a hunger for speculative action in the market.
There will be some long-lasting changes in behavior that will impact the economy in many ways as it recovers.
Despite the dramatic and highly negative decline in economic activity that forced algos to hit the markets from above, enough portfolio managers faded that move to lessen its impact.
I see no reason to build any longer-term positions but there are trades to be had.
It should now be clear the Fed isn't out of bullets until it is no longer able to print dollars of value.
The seeds of this government takeover of markets were planted more than a decade ago.