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Global equties are in major rally mode as the S&P 500 tracking ETF is now trading up over 10% versus its close on Friday. We would also note that volumes have been on the high side as well. Yesterday’s rally was fueled by optimism over flatter curves. Not yield curves but pandemic curves. With little in the way of economic data today, the focus will likely continue to be on case counts out of Europe, New York, and other areas of the country.
Read today’s Bespoke Morning Lineup for a discussion of the latest trends and statistics of the outbreak and an analysis of the factors driving stocks in Europe in today’s rally.
Yesterday we mused that if the early gains held we could see a day where the S&P 500 and none of its sectors closed the day at oversold levels. Well, we got close, but couldn’t quite make it. While most sectors moved out of oversold levels yesterday, Financials had to be the Debbie Downer finishing the day just barely at oversold levels. Let’s hope today’s early gains hold and even the Financials can move into the neutral zone. Even with the S&P 500 and every sector moving out of oversold territory, though, we would note that neither the S&P 500 nor any sectors are trading above their 50-day moving averages. So, even with the recent gains, the market has a sizable hole to dig itself out of.