I have a friend, yeah that’s it, a friend, who was very grateful for the occasional pass-fail course in higher education that helped make that term. We are in the middle of what could be called the “Pass Fail” market. The stock market, with almost half of the S&P 500 now not offering earnings guidance, is in a sort of financial no-man’s land. With the cover of sales and revenue unknowns combined with the universal blame of Covid-19, the coming quarterly reports will feel more like a beauty pageant than a fundamental deep dive. Hold on, because the markets might be heading on a road trip to volatility.