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“I used to be indecisive but now I am not quite sure.” – Tommy Cooper
Depending on the index, futures are trading at either end of the flatline this morning, but that’s an improvement over where things stood last night. Following Treasury’s decision last night for the FOMC to returns funds from the emergency lending programs, futures initially traded lower, but shortly after the open in Asia, sentiment started to improve, and the losses were steadily erased.
In terms of data today, there’s nothing besides COVID to speak of as the economic calendar is blank and there’s very little in the way of earnings reports. With next week being Thanksgiving, maybe the market will have a few quiet days ahead of it. Or then again, maybe not!
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, economic data in Japan, trends related to the COVID-19 outbreak, and much more.
While it seems like there has been a lot going on in the markets for the last two weeks, the reality is that we’ve essentially been rangebound. Below we show the intraday charts of the S&P 500 and Nasdaq over the last 15 trading days. Beginning with Pfizer’s positive vaccine news before the open on 11/9, the S&P 500 and Nasdaq have essentially been on a treadmill with a number of swings up and down, but really nothing to show for any of it.
Investors just can’t seem to make up their minds at this point between placing more emphasis on the shorter-term concerns on the impact of rising case counts or the positive long-term impacts of viable vaccines. Decisions. Decisions. One thing we are sure of is that there’s nothing wrong with some healthy consolidation to digest the big gains from earlier in the month and work off overbought conditions in the process, so this is perfectly normal.