The good news is that breadth is very strong at better than 3 to 1 positive and all the indices are up 1% of more but it feels like pretty routine 'pre-holiday' action rather than a rush to jump in before the big V-shaped move starts.
The bounce in Facebook (FB) , and to a lesser degree Tesla (TSLA) is relieving concerns about the end of the world as we know it. News stories like the FB privacy issue makes from some very sensationalistic predictions, but once some support finally materializes it changes the complexion of the action pretty fast. This story isn't over, but it is losing some of its steam.
What I find most interesting today is that I'm not getting much of a sense that market players believe that this corrective action is open. The S&P 500 is holding at a key resistance level where it needs to hold but if you look at the list of big percentage movers it is pretty small and there still isn't any sector theme really taking hold.
Another interesting aspect to the action today is the huge IQIYI (IQ) IPO isn't creating much excitement. The stock was priced at $18 and is trading slightly below that so far. Every mention of this IPO contains the phrase "The Netflix (NFLX) of China," so there is no big secret about what they do. The company is already bigger than the American Netflix so a lot of shares were issued but it is surprising that they are not holding it up on the first day of trading.
It has been a very challenging week for me as far as health issues and the stock market so I'll just be happy to close the books and enjoy a long weekend.