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.
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.
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At some point soon, we’d expect some backing and filling as old resistance points have to be tested as new support points.
