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The stock market is a device to transfer money from the impatient to the patient.” – Warren Buffett
The global rally continued overnight as US futures are firmly in positive territory after the S&P 500 briefly tested its 50-DMA. The only area of the market not rallying are stocks (like GameStop and others) originally targeted by the Reddit traders. Silver is also down sharply on the day, erasing much of Monday’s gains.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, earnings reports from around the world, a discussion on the latest moves in the commodities markets, a recap of the latest in the COVID relief negotiations, an update on the latest national and international COVID trends, and much more.
Just as equities in the US bounced after the S&P 500 tested its 50-day moving average, European equities also bounced at two key levels of support yesterday. As shown in the chart, the rally of the last two days started just below the STOXX 600’s 50-day moving average and right at the prior highs of the consolidation range from December.