In Like A Lion… Apparently there’s an old saying “If March comes in like a lion, it will go out like a lamb” that has ties tracing back to the weather, zodiac signs, and even the Bible. It’s unclear if the adage will equally apply to the stock market, though we’re off to a good start as US equities are roaring back following Feb’s frazzled finale. There’s plenty of good news out on the re-opening front (JNJ’s vaccine approval, stimulus moving on to the Senate, Feb ISM beats, every Apple store in the US now reopened) but of course the real story today is the sell-off in Treasuries finally calming down (for now) with the 10-year yield consolidating below 1.5%. The pause (and some rest over the weekend) has allowed traders’ to catch their breath and reassess – that’s led to today’s action taking on more of a “buy everything back after a bad week” feel than any discernible reopening “theme” (SPYG +2.3%, SPYV +2.4%). When all sectors are pulling the same direction the result is obviously powerful: as of right now the SPX is on track for its best one-day performance since last June.
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