Lessons of the Great COVID Rally and the New Stock Market

Volatility reigns supreme as we round out earnings season and the Street ingests real numbers. 

On Friday, tech's meteoric rise from the wreckage gets a heat check, as Amazon and Apple show they too are vulnerable to the global pandemic when before they were thought immune. Meaning Robert's a GD genius.

Which is a way of saying that tech was over bought and uncertainty will govern the coming weeks.

But with April soaring to the heavens, we ask again, is this a Bear Rally that will correct, or a Bull Market that will endure?

And we take a moment to reflect on the lessons of this crisis:

-Tech is the new Risk Off

-The Fed guarantees the credit markets

-Massive Congressional intervention is always assumed

-Elites do not lose money

-Bailouts are priced into operational risk, thus ending operational risk