PFA Updates

Jun 09, 2020

Reopening and Recovery

As businesses have started reopening, and more people are out and about in the spring sunshine, many of us are starting to feel rejuvenated after the long quarantine. In the office, we are starting to see clients again, and though we have to follow social distancing guidelines, it is still nice to feel like things are slowly getting back to "normal." 

The stock market continues to "melt up" slowly, defying abysmal economic reports. Global Strategists at Invesco credit this to data that is "less worse." Brian Wesbury of First Trust parallels their report saying it's "less bad, which signals more economic activity." These are not typical academic comments from economists. 

I think it's best described by Bob Brinker of the Marketimer, "Clearly stock prices are not currently driven by the economy, which is producing the worst unemployment figures since the 1930's. Investor decisions are now driven by the anticipation of progress on the development of therapeutics and vaccines, along with continuing efforts to reopen the economy."

While we continue to cheer the market recovery, we keep a watchful eye for the possibility of another leg down in the markets. Keep the faith friends; this soon shall pass. We are here if you need to reach us.