A tragicomedy of epic proportions continues to unfold in front of our own eyes. On Friday global markets again closed at record highs and this week everybody is already crying again for more stimulus and central bankers across the world are too eager to oblige.

Having jammed markets already to a record 158% market cap to GDP by Friday on non stop interventions since the December 2018 lows, all in the name of preventing the next recession, central bankers self admittedly have precious little new ammunition left should a global recession unfold.

It looked like the can had successfully been kicked down the road just looking at equity prices, but the bond market has been screaming caution all along.

Along comes the coronavirus and everybody ignores it as well. Let's go fully long and chase stocks into record highs while the 2nd largest economy with 330% debt to GDP goes into a standstill. What could possibly go wrong?

Central banks always have our backs right?