Stocks are up strongly this morning. CNBC indicates this is due to the pending U.S. financial aid package.
There is also good news from China which will lift its lock down on April 8 and apparently there has only been one new case of the virus in the hardest hit province and City in the past six days.
The bounce is great but I am not convinced that the down trend is over. The excitement over the U.S. aid package could fade quickly and then we are left with the horrible rise in cases and probably news of companies announcing the impacts of the slow down. The job loss numbers are also going to be shocking.
Possibly, there will a view that this can end soon as it has apparently done in China. But North America has not (yet?) locked down to anywhere near the extent they did in China and so we don’t know how effective our lock downs will be. (Canada may succeed but the U.S. is not looking good in this regard.)
I will be looking at some companies today that have been very hard hit and that have strong balance sheets with a view to begin buying.