If Congress doesn't act now on a coronavirus aid package, BTIG's Julian Emanuel sees stocks plunging another 20%

If Congress doesn't immediately pass a coronavirus aid package designed to help the U.S. economy, he warns it'll spark more damage to an already battered market.

"We're in this situation where politics seems to be getting in the way," the firm's chief equity and derivatives strategist told CNBC's "" on Monday. "The politicians are playing with fire... If you wait long enough, you risk changing psychology incrementally more, and we all know between Monday and Friday, if anything, news in terms of the virus is likely to worsen.

The wrangling overshadowed the Federal Reserve's additional measures on Monday to help the markets. Not only did the Fed announce it will purchase more Treasuries and mortgage-backed securities, it also told investors it'd also buy corporate bonds and corporate bond exchanged funds in an unprecedented move"We were very happy with what the Fed did," said Emanuel. "But effectively, the Senate is canceling out the beneficial effects of the Fed's actions."level to watch is 1,764, a more than 20% drop from current levels. The index has already seen a 35% plunge from its all-time highs hit in mid-February.

"Given all the stimulus, given our view that ultimately the virus will come under control — however long it ends up taking — is that stocks start to represent pretty reasonable values," Emanuel said. "We think you should be tip-toeing in with the expectation that you could go lower."

TradingNation HNinCharge

TradingNation That’s exactly what the Dems want. They want to hurt Trump more than they want to help the people.

TradingNation It’s been oversold by 50% thus far

TradingNation Dominos pizza was up 25 frikin points today bro

TradingNation So what, most working Americans don’t have jack shit in the market. But I can think of some people who do....

TradingNation Let them! It's far more important to contain the virus and save lives via social distancing. You only need your money if you actually stay alive. 😉

TradingNation Stock Mkt won't find feet, w. or wo aid pkg. We must cure National virus; a maligned admin. Prematurely reopening economy irresponsible & will not rally stocks; it will just make US more ill. 2 late for savior; TaxScam intentional; drove last nail. D-Downfall or crash? Choice?

TradingNation 70% lower

TradingNation Greedy insider Trading congressman will be the reason stocks plunge. They are crooks! And this package is all about greedy corporations and not about the people. Enough of not looking out for hardworking US citizens. We are tired of this!

TradingNation That’s what the Dems want.

TradingNation Which is what half of Congress wants

TradingNation We did not see much movement today despite of down being down by good % points

TradingNation Pelosi is scum

TradingNation Let it happen.

TradingNation Oh well

TradingNation Nice job SpeakerPelosi and chuckschumer.

TradingNation In a day? In a week?

TradingNation So be it.

TradingNation Lol. Unless Trump opens everything up next Monday

TradingNation

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Stock market live updates: Dow futures down 400, waiting on Congress, 'limit down' againStocks pointed to declines on Monday as investors await a stimulus package from the coronavirus. That's because the democrats won't make a decision to pass a bill to help the economy, they will be the reason we fall into a great depression, there are so many out here already around where I live that have lost there jobs due to all this, and now we are getting false hopes. Misleading headline.
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