Today’s session is more like traditional price discovery than the more violent sessions of the past two weeks, although pivots are happening quickly.  There were early wild swings, but there is something more orderly happening now.

It is clear more buyers are emerging but overcoming the level of angst is a multi-session chore outside of news of coronavirus vaccine(s) and treatments.  For only the second time during this meltdown, a rally effort is being led by offensive (read growth) sectors and individual stocks.

There is also a focus on deeply discounted and oversold sectors. Hence, the move in Consumer Discretionary, Energy and Materials.

Interestingly, consumer names are being paced by names that posted strong financial results, even as the inability to provide guidance was a common thread.  

I want to begin getting aggressive above S&P 2,554; but even then, I would only scale into potential long-term positions.   Purists would suggest a re-test, and holding 2,285, would be a more appropriate buy signal. 

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