As Stocks Soar, Bonds & Black Gold Ain’t Buying It; Nomura Points Out “There Is No [Reopening] Plan”

US equity market have been roaring higher (especially so overnight) as hope trumped reality once again.

But bonds were not buying it…

And neither was oil…

Maybe this is why.

As Nomura’s Charlie McElliigott summed up so perfectly this morning:

The “TL;DR version” of the U.S. reopening guidelines is simple: There is no “plan” as:

1) there are no deadlines;

2) there are no guidelines or protocols to businesses on protective gear / temperature checks / testing / sanitizing; and

3) the plan offers little to no federal assistance, with states being asked to “independently” secure PPE and medical equipment for their hospitals.

And finally, it seems like Nasdaq has woken up to the reality of the Gilead drug bullshit and Nasdaq futures are red on the day…

It’s a long way to catch down to reality…