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“There’s a way to do it better. Find it.“ – Thomas Edison
Not that it ever left the scene, but stimulus talks are back front and center this morning as Treasury Secretary Mnuchin offered a new White House plan that includes direct payments to Americans instead of enhanced unemployment benefits. Mitch McConnell also offered a Senate plan that would punt on the issue of liability protection if Democrats agreed to wait on aid to state and local governments, but Democrats rejected both proposals.
In markets this morning, futures are mixed with the S&P 500 and DJIA slightly higher and the Nasdaq slightly lower heading into the open. Besides mortgage applications, which showed a WoW decline, the only other economic data on the calendar today is JOLTS and Wholesale Inventories.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, economic data out of Asia, an update on the latest national and international COVID trends, and much more.
The Nasdaq 100 has a lot to be thankful for these days. Besides a fractional decline on the Monday before Thanksgiving, the index hasn’t had a down day since. That works out to ten straight positive days for the index (and actually eleven days for QQQ, the ETF which tracks the index). Ten straight days is pretty impressive, and it’s been about a year since the index last experienced a run of at least ten straight days of gains. Going back to 1985, there have been 14 prior winning streaks of at least ten trading days for the Nasdaq 100 and interestingly enough, 11 of those (79%) went on to at least an 11th day. The longest of those winning streaks stretched out to 19 trading days way back in May 1990.