A second day of impressive gains (1- and 2-day Dow Futures charts below) poses an important question to markets: Has the bottom been formed or is this one of those counter-trend rally? The hope is for the former, but more supportive medical data are needed to make a conclusive case. With all the uncertainties on the medical side, notwithstanding encouraging news on falling inflections and deaths in most of Europe and New York, and also on the economy, I continue to feel that the up-in-quality trade is best: It allows investors to maintain a claim on the upside for markets while also protecting more versus the downside. #markets #economy #stocks #bonds #investing #investmentmanagement #selloff #volatility #equities #equities #investing #fed #currency #forex #investmentmanagement #fed #currency #centralbanks #yields #tradewar #fixedincome #investors #eurozone #ecb #liquidity …see more