The market is seeing a weak opening following a relief rally that still left the S&P 500 (SPX) with the worst quarterly performance since 2008 and the worst Q1 in our nation’s history at down 20%. Remember, that includes a massive relief rally of roughly 17% as of Monday’s close. As we highlighted earlier this week, we thought the relief rally had run its course because the three main reasons for the sharp bounce were in the rear-view mirror:

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