The market has an odd combination of pessimism and positivity priced into it over the last week. Ironically, not much has really changed other than Jay Powell reiterating the Federal Reserve's commitment to using as much firepower as necessary to stabilize the markets and what seems like regular announcements regarding the development of a vaccine for COVID-19.
Suddenly, we have states like California switching their stance on statewide restrictions for closing large segments of the economy now announcing that "53 of 58 California counties are all of a sudden eligible to get their economies