Charles,

Thank you.

I agree, market prices often move because of a conjunction of events. For example, oil prices move due to a variety of overlapping causes, and it isn't easy to untangle cause and effect.

On a related note, I believe we each build a mosaic in our minds, a mental model of market behavior, and we revise the mosaic as we receive new information. Corporate profits are now recovering, and we update our expectations as new information arrives. This information includes earnings surprises and estimate revisions, and it also includes economic forecasts, industry data, etc.
It all forms a mosaic.

Nevertheless, sometimes one event CAN change the world, especially when the event is related to other events. I'm thinking of 9/11, the financial crisis, and the Coronavirus. It may just be semantics, however, and I imagine that our investment process is more similar than different.

Thanks again,
Rob