Thanks for the comment Nico.

I think we've already seen the first signs of a new bear market. However it's hard to know when the rest of the market will role over. I thought it would have happened by now but I didn't think the Federal Reserve would take the unprecedented step of backstopping corporate debt.

Will they start buying stocks indirectly through ETFs the way Japan did? If so, who knows how long this bubble could last. Remember, Powell is a lawyer, not an economist. Second, he was appointed by Trump. Trump wanted Larry Kudlow but I guess someone convinced Trump it wouldn't be a good idea to hire a 'TV economist' and washed up old drunk for such an important position. Powell was his second choice. Trump liked him because he was more than ready to lower interest rates the way Trump had demanded when Janet Yellen was still in charge.

The million dollar question ... is Powell a fanatic or is he simply afraid the economy will fall back into recession if he tightens monetary policy too quickly.

Sorry I don't have a better answer. What are your thoughts?