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The S&P 500 has recovered almost 33% from its late March low,but it may have gone too far too fast.

"Reopenings don't mean recovery,"says Jeff Kleintop, chief global investment strategist at theSchwab Center for Investment Research. It's also not clear that thecountries with the biggest lockdowns will have the strongestreopenings, according to Kleintop.

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Bernice Napach

Bernice Napach is a senior writer at ThinkAdvisor covering financial markets and asset managers, robo-advisors, college planning and retirement issues. She has worked at Yahoo Finance, Bloomberg TV, CNBC, Reuters, Investor's Business Daily and The Bond Buyer and has written articles for The New York Times,, The Star-Ledger, The Record, Variety and Worth magazine. Bernice has a Bachelor of Science in Social Welfare from SUNY at Stony Brook.