This is a very impressive session for several reasons:

First, it underscores how explosive the upside will be once a vaccine for Covid-19 is discovered and approved.

Second, the broad market shows it can rally without Technology as the lead horse…this is important to know as 70% of the S&P 500 is down for the year.

Buying begets buying.  Before the news out of Gilead appeared, the market was poised to open lower and then drifted even lower.  There were no signs of buyers but each tick higher forces the hand of another reluctant investor – even those that are bearish.

Along that line of thinking, the two biggest winners are those value sectors that have struggled mightily.  Oil turned slightly helping Energy, which was crushed yesterday, and banks are helping Financials move higher ahead of earnings announcements next week.  

Technology and Healthcare are lower, as perhaps there is some profit taking with cash seeking less expensive names. 

This could be the next attempt to get value stocks higher.  If it’s going to happen will need strong comments and guidance during earnings season.

Breadth is positive with advancers far outpacing the decliners and significantly new highs to new lows.

Have a great one. Be well and stay safe.