The S&P 500 just recorded its third best day on record - it's best since 2008!
In these markets, correlations spike to 1. In other words, as everything crashes, everything is basically trading together. Even the ETFs on our thematic list, despite being very different, are trading very similarly.
Yesterday signaled that the worst is behind us in the very near term. But what remains to be seen is how this story will progress as the U.S. retaliates against China.
These aggressive moves are very typical for bear markets, and looking out longer-term the risk is certainly still elevated in owning equities.
