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“Formal education will make you a living; self-education will make you a fortune.” – Jim Rohn
With schools across the country either returning or continuing to operate in a virtual manner through at least the end of the year, the above quote is just as pertinent as ever. School is important, but if you don’t continue to teach yourself outside of the classroom, you’re missing the point.
Futures are pointing to a positive finish to the week. On the earnings front, Cisco (CSCO), Disney (DIS), and Applied Materials (AMAT) are all trading higher, but other than that there are no major catalysts to speak of, and the only economic data on the calendar today is October PPI and a preliminary read on Michigan Confidence. PPI came in slightly stronger than expected at the headline level but was weaker than expected on a core basis.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, earnings and market news out of Europe, trends related to the COVID-19 outbreak, and much more.
It’s been a strong month so far for equities around the world. In Europe, the STOXX 600 is already up 12.4%, which puts the index on pace for its second-best month in the last thirty years. What makes that even more impressive is the fact that the month isn’t even half over! Despite the surge in European equities, the strength has barely even put a dent in the long-term relative strength of the STOXX 600 relative to the S&P 500. If you look real closely (or at the enlarged chart below), though, Europe is attempting to make a move as the downtrend in relative strength that has been in place all year has recently been broken to the upside. There’s been a lot of false alarms in Europe over the years, but at least it’s a start.
