Does this mean the street is not interested in liquidity to make markets? They only want to liquidate?

Second of Fed's half trillion Dud-zookas and guess how much dealers bid for?

$17bln out of $500bln.

A crisis is upon us, the scale of which we won’t know for some time, and no one wants the Fed’s “money.”t.co/dPogGbgYNA pic.twitter.com/4xjUaqbXye

— Jeffrey P. Snider (@JeffSnider_AIP) March 13, 2020

BBB alarm pic.twitter.com/p9xZs6P9ms

— Win Smart, CFA (@WinfieldSmart) March 14, 2020

S&P 500: The shortest bear market in history lasted 3 months. The longest lasted more than five years. The average lasts 14 months.

For those of you so eager to buy back in, it would be good to get educated on what a bear market actually is. It’s not just a term for stocks going down or a particularly deep dip to buy.

Bear markets act a certain way, last a certain amount of time and certainly don’t magically reset back into the last bull market we had. There will be a new bull market (at some point) but it likely will be very different from the nature of the one that is now dead and buried that we all loved so much from 2009 – 2020. Expect different market leadership, different return patterns and certainly a different duration.

The good news is that typically the sharper the drop into bear market territory, the quicker the recovery is.

AC