Futures swinging, but now up 70 or so.
Will be a rocky day. I think that today will be all about day-traders chasing brief fits of momentum, with a possible lock of momentum to the upside. They really need to manage it at high frequency today.
I wonder how much money has come out of equities for good, as a result of this dislocation and corona—my guess is not much. I think people are just riding it out, even though many are in or near retirement.
I get the sense that everyone is thinking “ok, that was the corona correction, now it’s done and we can get back to trading.” I also think that it will take at least a month for the other shoe to drop: crappy economic numbers.
I do think that there will be money to be made on this rebound, I’m just not sure of the timing, and will therefore probably sit it out.