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“The best stock to buy is the one you already own.” – Peter Lynch
It looks like we are going to at least try for a turnaround this Tuesday as US equity futures are all firmly in positive territory the morning after it was announced that the Omicron variant was now the dominant COVID strain in the US. If data released so far proves to be accurate, this is a good thing as this strain of COVID appears to be much weaker in severity than the Delta strain, even if it is more transmissible.
There’s no economic data on the calendar today, so there won’t be much in terms of specific potential catalysts to drive the market, but lately, the market hasn’t seemed to need excuses to move in one way or the other.
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.
They closed well off their intraday lows yesterday, but the major US averages still finished the day down more than 1%. For the S&P 500, yesterday’s bounce came right at support from the prior highs in early September, and the index did not take out its lows from early October. With futures higher this morning, bulls are hoping it marks the start of a year-end rally, but if yesterday’s lows don’t hold, the end of 2021 won’t be pretty.
While the S&P 500 hasn’t quite taken out its lows from October, the Nasdaq 100 did. Not only that, but even after yesterday’s rebound, QQQ remains below its highs from early September. That may change after today, but the index still has work to do before technicians will become more comfortable with the technical picture.
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