This post less about stocks and more a market data update for those of you who are more casual followers. Key data is released via schedules and stocks respond to this data.

This morning, non-farm payroll fell 20.5 million in April, and the sad thing is that number was slightly better than expected. This is the most since the Great Depression. Initial jobless claims is over 30 million the past 6 weeks. The unemployment rate is now 14.7% (also slightly better than expected), which is the highest since the 40's! Average hourly earnings are up. Normally that is good, but it is up because most of those newly unemployed were lower wage earners.

My personal sense is the markets will start trending up. Bad numbers were expected and these weren't as bad as most feared. The concern will be if the second wave is bad and we see a sawtooth recovery instead of a V shape.