Still not sold – The familiar theme of a tech led rebound has been the narrative today. While the FANG is seeing a nice bounce (+1.8%), Media is getting more attention after Trian announced a stake in Comcast (+3.3%) yesterday. Retailers are also enjoying the green, but today its Carvana (+23%) positive guidance rather than the Covid winners leading. Banks unfortunately are still lagging, with the BKX (-2.3%) remaining below all of its main technical moving averages. All major equity indexes remain under their short-term 50 day ma’s (SPX 3347, CCMP 11,009, RTY 1529), and until they reclaim those level, downside to their 100’s remain a possibility.
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