Stocks are back in the green in the early afternoon, reversing earlier losses and on track for a fourth day of gains. Some better-than-expected economic data has spurred hopes that the reopening of the economy is going better than anticipated.
Not so fast.
The market is becoming complacent, warned JPMorgan Asset Management chief global strategist David Kelly on the CNN Business' digital live show Markets Now.
"The biggest concern is that we don't take the virus seriously enough," Kelly told host Alison Kosik. Eventually there will be a vaccine, but it's unclear when. Until then, America needs to be patient, although it's not her foremost virtue, Kelly said.
And as the economy begins to reopen, activity will remain restricted for many businesses, Kelly said.
"I think we'll still go into 2021 with double digit unemployment numbers," he said.
Finally, the long-term implications of the trillions of stimulus unleashed to help the economy are incalculable, which in itself is a risk, Kelly said.