Major share US indices rallied 4%+ Wednesday while Bonds sold off. A Congressional spending package for coronavirus control, the rise of Joe Biden and stronger than forecast data lifted US optimism and sent stocks soaring, Europe followed with no particular reason of their own and Asia open simply followed on.
Most experts say the markets are very skittish and likely to react to any news, whether positive or negative so they say the volatility will continue.
The wild-card at the moment continues to be the virus and its yet unquantified economic effect. There is no news on any breakthrough with vaccine or treatment and the death rate is now believed to be 3%, so it is causing continued and increased panic plus disruption to businesses.
On 28th Fed I went from net short to net long on all indices except the CAC, MIB & HSI.
For protection I got a large hedge working on the DOW at 24,403 and a second smaller hedge at 23,762
I got no view on the ASX, if anyone has then feel free to fill the blank