The Dow has posted its best 2-week run in 82 years amid 22 million job losses, and the disconnect between the two is palpable.
“It was the best of times, it was the worst of times…it was the spring of hope, it was the winter of despair,” to borrow from the opening lines of Charles Dickens’s “A Tale of Two Cities.”
Other data this week, beyond jobless claims, have been ugly, including a report on U.S. industrial production which fell 5.4% in March, the steepest decline since early 1946, and retail sales in March registered a record 8.7% slump. The same goes for themes and style-based investing, including small-cap vs. large-caps and momentum and growth vs. value.
“We’re not so quick to embrace the risk-on sentiment and have been picking a more cautious way through the potential minefields ahead.” he said, referring to fears about the uncertain time frame for a return to normalcy in the aftermath of the COVID-19 pandemic. “We’d also like to see more S&P 500 companies trading above their 52 week high ,” she told MarketWatch. “That would help create a more solid base for the index to have the support it needs to sustain a move higher,” she said.
“I think a higher low in the financials is what I would want to see.” Josh Brown, CEO of Ritholtz Wealth Management, told MarketWatch.
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