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“If you wish to increase your success rate, double your failure rate.” – Thomas Watson
There’s a modestly positive bias to the equity market following a week where new highs were seen across just about every major US average. This morning, the big moves have been seen in the crypto markets where ether is at record highs, and bitcoin is testing its highs from late October.
There haven’t been any major earnings reports yet to speak of today, but that pace will pick up again after the close with PayPal (PYPL) leading the charge. Economic data is also getting off on a slow start to the week, but Tuesday’s PPI and Wednesday’s CPI will be the most important reports of the week to watch.
In terms of Fedspeak today, a number of officials (including Powell) are scheduled to speak throughout the day.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
As mentioned above, it was a banner week for the US equity market as just about every major index touched and closed out the week right at record highs. In terms of the Russell 2000, Nasdaq, and S&P 500, last week was the first time since early February that all three of these indices had record closing highs on the same day. For all three indices, the recent moves are all starting to look extremely steep, and while they’re great for anyone who is long the market, they won’t last forever.
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