"The “reopening” of the economy(ies) was an asset to the bulls alongside waves of fiscal and monetary stimulus in early-April. The “big trade” will be the market digesting the wildly disappointing nature of the positive deltas in GROWTH we’re likely to see across the balance of domestic and global high-frequency economic statistics in the MAY through JULY time frame.
The US economy in particular is transitioning from an economic depression to a recession, not a “recovery”... This expectations mismatch on “new economic expansion” vs. “continuation of the recession” will likely emerge a key theme throughout 2H20E.
Be careful out there."