No Relationships, Folks: Casual Fun Only

As tempting as it may be to call the big, bad, bottom to the market's swoon and declare the global plague to have concluded, the reality is that just as we must stay levelheaded during historical downside volatility and surges we must also not become cheerleaders for each uptick when the market finally shows a modicum of stabilization.

In other words, leave the emotional meltdowns to effete hedge fund managers with ulterior motives conducting self-serving interviews for financial news television. 

As a result, we are merely looking for a respite from the nighty halts in the futures on limit down and the circuit breakers during the cash session. And then after that, we will reevaluate where we are. 

Should bulls manage a close at current levels or higher (read: QQQ at least over $180 and preferably near session highs), we have the makings of breaking our five week streak of no consecutive green closes on the indices tomorrow. Naturally, some beaten-down trash names like the cruise lines are tempting. But they may not bounce as much as you think with uncertainty (bankruptcy) risk still on the minds of many. 

Instead, biotechs (the non corona-related ones) which were hot before this meltdown hit are on my radar. Vertex is a larger cap biotech which handles itself quite well considering the circumstances the last few weeks. Note how it held its still-rising 200-day moving average on the daily chart, below, which is more than most larger cap names in this tape can claim. 

Still, before we can get too excited about building long-term relationships with new stocks down here let us at least string together a few good closes without excessive overnight drama in the futures.