Since the Great Financial Crisis, the primary stock buyer has been the listed companies themselves via their stock repurchase programs.

Their net purchases dwarf all others.

 CARES Act restricts buybacks from companies receiving federal loans, loan guarantees, or other assistance.

 All that means buybacks will likely be scarce for a while, and stock prices may have a hard time rising unless some other large buyer appears. 

 Bull markets require people willing to buy. 

 Bear markets develop simply in the absence of buyers.

 John Mauldin with nice chart 3 April 2020

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