This is the hardest part of the post-crash environment/bottoming process, which shows why it is called the frustration phase.  The panic and relief rally phases of the crash were identified by the extreme correlations and historic oversold conditions in the week ending 03/20 using the 63-day correlation 14-week RSI studies we have discussed numerous times.  Now comes the excruciatingly difficult part of the long-term bottoming process because we are in front of what is likely to be the worst part of the economic and EPS news that is resulting from the “shelter-in-place” mandate from most states  On the other side the Fed has already told us they will do what it takes to keep the economic engine moving once the government gives the go-ahead to go back to work.




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