The market has been trapped in a narrow trading range, but it has exhibited spunk, climbing off the canvass more than once. One reason for the first big move was the Consumer Confidence release from the Conference Board.

Consumer Confidence

The street was looking for 110.0, so the number was much better than anticipated and had certainly played a role in moving the market higher. Interesting, the Conference Board noted as a segue about the message of the results (see below) - the rebounded isn't huge per se, but it underscores the fact worst case expectations can establish good (better) news outcomes, and there is an eagerness to buy the dip – although, we don't know how deep that runs among those on the sidelines and what data will really move the masses.

The news put a temporary spark in restaurant stocks.  Released at 10:00, some key names moved higher including:

• at 9:59 DPZ was $323 at 10:13 $328
• at 9:45 CMG was $645 at 10:25 $669
• at 9:45 CAKE was $33.33 at 10:36 $34.88

Overall, this is an intriguing session that sees coronavirus losers move higher and dominate the list of the highest percentage gainers.

• Oil / Energy
• Cruise ships
• Retailers

I like the action in the market, but it’s clear all that money on the sidelines is looking for a spark from better coronavirus trends and economic data from an unprecedented backdrop.