According to Plan
April 6, 2020
Since the March 23 low, the market is pretty much following the plan, with a good initial rally and lots of up/down, news-driven moves since. To be fair, a few big moves in one direction or the other could change the outlook, but right now, though, the evidence remains unchanged: The trend of the major indexes and most stocks is still pointed down, and while many names are doing a good job of hanging in there, few if any stocks are in true uptrends. Given the unprecedented situation, we’re open to anything, but until the buyers show more muscle, we advise sticking with a mostly defensive stance.