This market rally could be a "relief" rally, or a headfake rally, the proverbial "dead cat bounce", or genuinely the capitulation point that the bull market to come will be referenced against. Which is it?

If you tuned out of the market at noon, you should check your portfolio again. After a calm morning, traders around the world decided that they need to risk-off for the weekend. You can understand the logic: two days is approximately twelve and a half years in today's market. Remember that it wasn't long ago that the Fed met on a Sunday to cut rates to zero.

Bailouts for the aviation industry are a hot topic right now. On one hand, companies like Delta are coming under fire for billions in stock buybacks over the last few years. On the other, commercial aviation is a huge part of North America's transportation infrastructure, and allowing it to crumble now would surely hamstring the post-Coronavirus recovery. A middle ground, bailouts from cash-rich private equity leviathans like Apollo Global Management, is an interesting scenario to think about.

Today, the Dow Jones Industrial Index fell below 20,000, a mark it first achieved on January 25th, 2017. To give you an idea of how dramatic this drop is, just six weeks ago "Dow 30k" hats were the hot commodity for millenials who wanted everyone to know that they work in finance. You can still buy those hats, although you can also buy "Dow 20k" hats at the same webstore and t-shirts that read "Panic at the Costco." Sometimes pop culture is our best market indicator.

Yesterday, in a highly unusual Sunday meeting of the US Federal Reserve's Federal Open Market Committee, the FOMC announced a 100 basis point cut to its overnight target rate and $700 billion of quantitative easing. These extraordinary steps to provide liquidity and ensure continued functioning of the global financial system joined the Bank of Canada's decision to cut rates at an emergency meeting on Friday.

Market volatility is causing a sell-off in equities around the world. A combination of panic-selling from retail investors, margin calls, and forced redemptions is continuing to push stock prices lower and lower. Pushing stock prices lower has the effect of raising the yield on their dividends, which are listed on a dollars per share basis. We're seeing the dividend yields on some large-cap dividend-paying names reach extremely attractive levels, and we're reaching out with this opportunity.