The broader market peaked on June 8th on the heels of unprecedented central bank intervention but has since failed to make new highs other than the Nasdaq. Any subsequent efforts by the Fed to stave off any market sell off via the announcement of individual corporate bond buying 2 weeks ago or this week's announcement to relax the Volcker rule for banks have produced nothing but short lived bounces in markets leading to lower highs and further selling in equities.

Fundamentals and reality are making their presence felt. The reopening of the US economy is hampered by violent spikes in coronavirus infections in some part of the US leading to delayed reopening in some cases raising questions about the veracity of any V shape recovery in the economy as lay off announcements keep mounting globally.