The rally is running out of steam, and for good reason
The week started with a roar.
At the open Tuesday, the S&P 500 was up almost 10% for the week. Investors were positively giddy about three events: 1) the possibility of a peak in infections in the next few weeks, 2) the possibility the number of deaths may not be as great as feared, and 3) the immense stimulus still under discussion in Japan, the European Union, and the United States.
But we seem to have run out of steam — the S&P gave up a 90-point gain today. What's up?
Remember all those strategists who were screaming a week ago that this was the buy of a lifetime? Maybe, but it's getting a lot harder to get excited about cheap prices. We have gone from dramatically oversold to no longer oversold, at least on a short-term level.
https://www.msn.com/en-us/money/savingandinvesting/the-rally-is-running-out-of-steam-and-for-good-reason/ar-BB12hPRC?li=BBnbfcN
Winning baby!!!!
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