What’s going on in the world…
Market opens in the green following the largest point gain on the Dow in history and a wild overnight session. There was a 100 point swing overnight on S&P futures. The Dow swung 1000 points. The Bear Market continues. A deal was finally reached by the Senate to provide economic relief. A $2T coronavirus stimulus deal was reached and President Trump says he wants the nation “opened up and just raring to go by Easter.” He said he likes Easter. There has not been a back-to-back up day in the month of March. It’s actually been 5 weeks. Volume yesterday was low. It was the lowest trading volume on SPY in a couple of weeks, significantly lower than the down days. There was not a bullish thrust of buyers yesterday. China reported earnings after the close. The numbers were not good. But most importantly, there were more signs that China is already on the road to recovery. Starbucks said that yesterday too. Their stocks responded favorably. So the Fed has acted decisively. Congress has acted now too. The President is pushing to open the economy back up quickly. But the key to all of this is killing the virus. There is no evidence that is happening yet.
Have a great morning,