Quote: "What the economy have to do with market prices here?"
I hear you, it hasn't, .....and it has.
It used to be that the fundamentals matter. Even though for a long time it's been a gross shameless disconnect, it all ends one way or another. This time it's COMPLETELY DIFFERENT. The fed AND it's master puppeteers are at the end of the rope. Somehow cornered.
The only weapon and only power that USA has it's money as reserve status. Naturally all enemies (plenty), and even "friends" are envious and try to undo that.
The worst thing is the internal monetary harakiri the administrations been doing, with worst of them all just recently - too much to explain.
The corona also aided to make this like a perfect storm.
I mentioned the eCONomy to illustrate the circumstance. In February the country was in DIFFERENT, much BETTER shape than now. Even a blind can see that if the SPY/market is at same level something is terribly wrong.
This OBVIOUSNESS MUST work it's magic. We see GOLD shooting up through 1,800 like it was air. GOLD is the PRIMARY (likely the only) competition to USD hegemony as reserve currency and USA power.
Since GOLD is moving in OPPOSITE direction to USD, and strength of USD is literally strength of the USA, then USA have a vested interest to cap the GOLD. But we KNOW by now that no country no matter who can go and win against the whole world. Gold is rising because the world.
This situation is strongly connected to the USA economy. Since this in reality is just a shade, then GOLD will replace the USD as reserve currency willy nilly.
In summary, the fed kind of must let the market free (meaning it will fall) to save the dollar and by extension save the USA, and this in spite of Trump likely fierce opposition (understandably so).
Sacrifice the dollar and the USA?
I don't think so, but who knows, other empires had smart leaders too and made the suicidal choice nevertheless in the END.
So I look at technical and fundamentals in the eye - February versus NOW. Then I think of the critical fundamentals just described - that's why I said what I said.
I try to trade only technical, but can't ignore some fundamental milestones things like FOMC, or GOLD, or closures and such.
The FANGS or "corona" stocks are different, they don't qualify for value criticism of February vs August, although they are more bloated than ever with 20 inches of lipstick on their lips.
