The market tumbled out the gate after hitting all-time highs in what has been a November to remember.  Coming into the session, S&P 500 was up more than ten percent and the Dow Jones Industrials up more than 13%.

This early panic actually provided a test of resolve, which I thought would happen later.  Buyers stepped up even as there is a growing chorus of experts saying there is too much optimism, or as Bank of America said the market has gone "full bull."  

There is no way the folks that make those calls at Bank of America are actually managing money.  When Bank of America reports their earnings for this quarter, check to see the stock trading action, as they are not going to cash. Maybe they hope the masses will.  What often happens is the market gets ahead of the experts, and they have to try to talk it down for an entry point. 

I suspect there is sufficient downside pressure today to stop the S&P and DJIA from edging into positive territory, especially the former, as there are only two sectors in the green. 

That said, keep watching the reopening trades as a sign on whether selling the so-called vaccine rally is what's happening, or just the market blowing off steam after a mind-boggling rally.