1/3 Market still caught between two titanic forces: The Fed’s liquidity tsunami and the unknowable shape of the economic recovery.

2/3 Market now staging/has now staged normal rebound from shock decline, and normal expectation here would be some sort of test of March lows (although not necessarily a deep one) at some point.

3/3 Big question is whether this environment is “normal” or not. Even bigger question is the longer-term leadership on the other side: big or small caps; tech, healthcare, energy or ??? Latter a still-evolving situation…