It seems like we are in the first “wave” of recessionary effects where market have seem to roll off from its “peak”, with stimulus (fiscal) money entering the market. You probably see it as much as I do with market recovering at surprising rate on a daily basis. But is it really recovery?

Don’t just look a single chart but look at different charts to judge where we are at!

Volatility Index often known as “fear index”, it measures the volatility of S&P 500.

As you can see, this “recession” never broke previous structure high, and market is currently trading at a price level where many “recession/s” had tested.

Remember it took a few bearish periods before market actually recovers…. plus the Eurogroup have once again fail to agree on Covid Stimulus. The longer it takes, the bigger the effect, the slower recovery will be.

This is the cost