The market is up on an incredible spike, and I cannot get it out of my head how some of the positive mojo that may come from today’s Fed meeting is already discounted in the 30%+ ramp in the S&P 500 (SPX) off the low.  Although wrong on the extent of the relief rally (we caught first 15-20%), chasing here doesn’t make a lot of sense until we see if there are buyers on any pullback that lasts more than a day.


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