The sense of urgency to be in this market got more intense this morning with that ADP jobs report that suggests not only a quicker recovery, but maybe the nation didn’t suffer the economic damage most Wall Street firms have been modeling.
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The best sign of a potential v-shaped recovery is today’s sharp surge in the ten-year yield, which is at a big resistance point now that sees next breakout at 0.80%, and from there it has room to 1.00%.
Growth names are taking a backseat today leaving the Technology and Communications Services unchanged, despite the monster broad market rally.
At some point soon, we’d expect some backing and filling as old resistance points have to be tested as new support points.
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