There isn't any specific news to account for it but the market mood has turned positive again and the hope that a V-shaped bounce will resume is taking hold this morning. The shift started yesterday afternoon following news that the Treasury Department will be borrowing $3 trillion, and is continuing this morning as the 'don't fight the Fed' bulls regain their confidence.
In the early going breadth is very robust with more than five gainers for each decliner. It is very broad, correlated buying as underinvested bulls try to put more cash to work.
Technically there is a small trading range right now between last Wednesday S&P 500 high of 2955 and yesterday's early low of 2798. Moves through either of those levels will trigger some stops.
I'm sticking with quicker trades but the frothy action is better for selling than buying at the moment. The longer it holds the more it will attract buyers that fear missing out but the mood isn't quite as euphoric as we saw a week ago.
I am doing a little scalping but noting sizable. A couple of new buys today are Protagonist Therapeutics (PTGX) and Viper Energy (VNOM) . Small-cap biotechnology continues to act well and that sector is my largest long exposure.
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