The ReOpening trade peaked in mid-March and has been consolidating with lackluster performance, until recently. Over the past two trading sessions, it looks like momentum might have returned.
Note the below chart, which uses the Small Cap RUSSELL 2000 Index as a proxy for ReOpening stocks. The Small Caps are starting to outperform the S&P 500. After a brief pause, I think the green shoots of a post-COVID recovery are starting to sprout.
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