Firstly, the ever-important 10 year yield busted above the 1.5% number where markets did not appear to be happy. We believe Uncle Jerome was in there Friday doing his thing as the 1.5% was punctured to the downside late. We’ll see what comes next but believe the oversold combined did the trick for now. Into the close, the DOW fell over 300 points while the NASDAQ dumped over 150. Futures are showing DOW getting a lot of it back with the NASDAQ getting all of it back. But it’s a long night. We just think while there has been deterioration, all majors have still not broke below important support. More to come on that.
But Florida! Just wanted to let you know that just by driving the highways and the important thoroughfares, you would not know there was a virus. Unlike other states, the powers here decided that people and business are smart enough to take care of their own lives with a small hand of government directing a wee bit.
Of course, there are outliers but most people respect what is going on. They social distance. They wear masks. They respect others. Thus:
Restaurants get to decide for themselves what to do. People get to decide which restaurants to go into. Some are at 100%. Some have decided to go 50%. Many have outdoor seating. But again, the decision is not coming from Tallahassee but from the people.