The financial media is working harder than normal trying to talk down the rally attempt today with Bloomberg declaring it a dead cat bounce right out of the gate.  It’s obvious there will be continued volatility.  But when I hear the experts' resort to the most frightening language, I believe its overkill.

Dead cat bounce

A temporary recovery in share prices after a substantial fall, caused by speculators buying in order to cover their positions.

I do like that there is decisive action being taken in part of the country, including New York (see headline below):

Headline

N.Y. governor orders coronavirus containment zone in New Rochelle, closing schools, businesses; National Guard to deliver food

Gov. Andrew M. Cuomo (D) said schools, places of worship and other gathering areas within one mile of the outbreak epicenter in New Rochelle will close their doors for 14 days, and National Guard troops will help deliver food and disinfect common areas inside the zone

What I like about today’s effort is the resolve (once all the gains vanished, buyers could have headed for the hill) and the composition of buying. Unlike other big bounce sessions, today, defensive sectors aren’t leading.