At 12:18, this is where the S&P 500 stood, an eclectic mix of winners led by lots of folks normally not in the stock market looking for big scores in the most oversold names.

• MGM +28%
• UAL +22%
• CCL +20%
• MAR +15%
• RCL +10%

The angst remains, but it is calmer, as we head into another weekend that is sure to see higher case counts of coronavirus in the United States; although, I welcome the data, because it will help to assist future decision-making.  It will also push down the mortality rate, which is critical to getting citizens out of their homes and into the economy once the all-clear is given.

Meanwhile, the action today is intriguing, with investors flocking to Consumer Discretionary names, even when New York and California are on de-facto full lock down.

I’m encouraged by the action in the market since Wednesday and welcome each failed rally attempt as a necessary part of the bottoming process.  

Stay safe.