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“The key to a 3-peat is change. You can’t ‘repeat’ the formula. Your opponent has already figured it out.” – Phil Jackson
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Heading into this morning’s jobs report, market enthusiasm has waned following some lackluster reports from Alphabet (GOOGL), Amazon.com (AMZN), and Apple (AAPL), but it certainly could be worse. Treasury yields are lower while crude oil is basically flat.
This week was billed as the most consequential week of earnings season, and through Thursday at least, the bulls have delivered. After both the S&P 500 and the Nasdaq kicked off the week with declines of more than 1%, they have bounced back over the last three days with gains of over 1% for three straight days. Since the inception of the Nasdaq 100 tracking ETF (QQQ) in March 2009, the current run is only the 12th time that both QQQ and the S&P 500 tracking ETF (SPY) have each been up 1%+ for three straight days. Below we show a price chart of SPY since 1999 indicating each time when both ETFs experienced back to back to back 1%+ daily gains. In today’s Morning Lineup, we took a more detailed look at performance following these prior three peats. To see that analysis, sign up for a trial today!
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