This is has been a doozie of a month. First, thank you for all the nice messages re: my dad’s passing, and second to my market analyst Mike Welch for carrying the load over the last few days. I will be back full swing Monday with our webinar, then Wednesday with more frequent writing (services are Tuesday). As we noted today in our post, the massive move over the last three days is in line with the median 17% gain in the S&P 500 (SPX) from the panic low when the 14-week RSI reaches last Friday’s level, and the three main reasons to expect the rally have played out; (1) the market is not as oversold as it was, (2) the pension allocation switches into equities is already help driving the upside, and (3) the Fed and Congress have announced their stimulus packages. In other words, the bulk of the reflex rally is behind us for now, and we would still expect to see a retest of the low over coming weeks.
Have a great weekend, please stay healthy, and thanks for you subscription. Tony, Mike & Kelley
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