The stock market solf off at the opening before recovering towards the end of the session on record volume. Some of our indicators pointed out to some form of capitulation from market participants, ready to sell at any price. Potential monetary and fiscal stimulus announced by various governments may put a floor under prices and it is possible that we may have seen the lowest boundary of a trading range that may develop over the next few months. We are of the opinion that the stock market may consider 2020 as a lost year in terms of economic and profit growth which may justify wide swings in the market but without finally going nowwhere; we may well wait for next November before the market resumes its long bull market once all the dust has settled down, it may frustrate bulls and bears during this period.

Silver is back to the 17’s area and prices have to rebuild a base before envisioning a new upmove.