It's not about the virus, it's about what are people forced to do or at least what do they feel like they are forced to do. They put a floor in the market, it's consistently going up day after day and now people who manage large portfolios are jumping back in for multiple different reasons.
What would you do if you were managing a large portfolio? A lot of them don't even have the authority or ability to short. Just pull the money out and sit on the side lines? That's not a risk most are willing to take right or wrong.
Also as mentioned before, if they do get back in and it crashes they can claim "extraordinary circumstances" and they will be in the same boat as everyone else. Also it could even possibly end up being the right mow to move money back into the markets. We could see inflation or very high levels of inflation, there is a chance of that happening. Actually depending on when people got it in, it was already the right move to get back into the markets. Now if / when to exit, I don't know it isn't my job I just intra-day trade.
