Monday observation – this EPIC battle between monetary policy and fiscal stimulus vs. negative economic and EPS releases is raging exactly where one would expect – right where the Fed announced they would support risk assets on 04/09.  Since that move, we believed a drop back to the March low is unlikely with the Fed backstop, while a breakout to early year highs is unlikely due to weaker economic activity and our favored credit metrics.

Again, what would get us back on offense?




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