Earlier this week we saw big down movements in the futures markets and large intraday reversals. Stock market volatility is continuing to increase and investors are remaining optimistic the reopening of the US economy can catch up to asset prices. A troubling trend of case increases in Covid-19 has put a near term damper for the bulls and case spikes in Arizona and Florida may lead to a prolonged Phase 1 & 2 reopening. Asset prices are inflated for the current condition within the economy and jobless claims came in above expectations this week. It’s hard to pick a direction in this market, but we remain cautious. There are selective equity holdings we want to own at current levels and we are prepared to for a leg down in the broad markets.