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This morning, another 1.4 million Americans filed for unemployment benefits as COVID-19 continues to ravage the country.
Bearish traders are concerned about the growing number of coronavirus cases and the 53 of million Americans who have filed for unemployment in the last 18 weeks.
They think the market has gone up too far, too fast, while the economy could easily be forced to shut down again.
That would have a negative effect on stocks because many businesses won't even be able to operate in a limited capacity as they are now.
But the bulls think governments around the world will backstop another major drop in stocks like they did back in March.
That's where the mantra, "don't fight the Fed" comes from.
Bullish investors are anticipating trillions of dollars' worth of economic stimulus to be pumped into financial markets that will, in effect, put a floor on stock and bond prices.
The bulls also expect governments to keep interest rates low.