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“Be willing to make decisions. That’s the most important quality in a good leader. Don’t fall victim to what I call the Ready- Aim-Aim-Aim Syndrome. You must be willing to fire.” – T. Boone Pickens
With China celebrating the lunar new year, Asian markets had a quiet overnight session with little in the way of market action or economic data. The quiet trend continued into European and US markets as well with major averages and futures markets little changed on the sessions.
The only area of real action right now is in the crypto space. Bitcoin just briefly rallied to record highs on news that Mastercard (MA) would support crypto-currencies in its network, and then just about a half-hour ago Bank of New York Mellon announced that it was establishing a digital asset unit to support and service the digital asset needs of clients. Bitcoin’s price is off its highs from earlier, but it is still up over 6% on the day.
In economic data, jobless claims were just released, and while they both came in higher than expected, they did manage to decline from last week’s upwardly revised readings.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, earnings reports from around the world, an update on the latest national and international COVID trends, and much more.
In yesterday’s Chart of the Day, we discussed the massive rally in crude oil over the last several weeks and how it stacked up to prior periods in the past. Another short-term aspect of the recent rally has been the fact that yesterday marked the fifth straight day that WTI closed more than two standard deviations above its 50-DMA. That’s the first time we’ve seen a streak like that in over three years. Looking at past streaks going back to 2010, these readings didn’t necessarily mark the top of a short-term rally, but they usually occurred closer to the end of a move than the beginning.