There's more: as Bloomberg's Heather Burke shows, about 94% of the S&P 500 is rising today, the most since March 24 - the day after the covid-bottom, when Fed announced it would steamroll over moral hazard and start buying corporate bonds.  As Burke says "investors are in a buy-everything mode on hopes that lockdowns are easing and a virus vaccine is on the way" with gains led by beaten-down and heavily shorted cyclical stocks: autos, energy, transport, banks, while recent winners such as tech and consumer staples are lagging.