Greetings

The markets melted up the last hour on Friday after Trump was less malignant on his China comments.  Now we await the Chinese response to the rhetoric.  All this while, riots continue in many major cities on another senseless murder by law enforcement as the economy opens in most States.  In fact, this eve, my wife of 35 years and I went out to dinner for the first time since March 11.  Of course, we wore masks, sat outside far away from others, and wondered what risk we were taking.

The markets continue on their “V” shaped recovery as both the SPY and NASD have taken out their 200 days SMA and 61.8% Retracements of the 2020 COVID-19 Bear Market collapse.

Now we see whether last week was the continuation of the Bull Run or was it just another Bear Trap.  Please join me on my Top Down Review where we look at the evidence.

Jeffrey

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