Good morning.  It looks like the S&P 500 (SPX) futures are higher this morning despite the protests and riots overnight.  While it seems incredible the market can shake off the social unrest and chaos in some cities, the combination of (1) historic monetary support by the Fed creating upside in Corporate Bonds, and (2) rotation into Value, Banks, and Tanks on economic reopening optimism is supporting higher prices.  How important is this rotation we have been talking about?  My friend Mike Santoli of CNBC pointed out yesterday afternoon that the top 35 performing SPX stocks in yesterday’s session were all still down over 35%, which means the market is finding those value names that have yet to perform well but should as the economy reopens.


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