Morning Express

E-mini S&P (June)

Last week’s close: Settled at 2779.75, up 44.75 on Thursday and up 297 on the week

Fundamentals: The S&P gained 12% in its best week since 1974. The historic surge comes on the heels of a 36% plunge from record highs and has hardly been celebrated. Thursday’s session tacked on 1.6% after the Federal Reserve found a new kitchen sink to throw at the beleaguered economy and despite a three-week tally of unemployment claims topping 16 million. With rates already at zero, the Fed helped secure a bottom in equity markets on March 23rd by unleashing QE-infinity. A move that was lauded as unprecedented set the stage for unlimited buying of U.S Treasuries and mortgage-backed securities. The committee topped themselves with their well-timed announcement Thursday on plans to lend as much as $2.3 trillion, drowning out the fresh 6.606 million Initial Jobless Claims and counting. The program essentially allows the Fed to buy those small business loans recently announced by Washington as well as