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“Everyone is digging deeper into their own trench and rarely standing up to look in the next trench over, even though the solution to their problem happens to reside there.” – David Epstein – Range
Equity markets are picking up this week right where they left off last week, and the major averages are all indicated to open the week higher. The big news of the morning has been Tesla’s (TSLA) announcement that it has purchased $1.5 billion in bitcoin with its cash on the balance sheet. TSLA is hardly considered a tradtional company, but when one of the largest companies in the world starts to hold bitcoin on its balance sheet as a substitute for cash, the market takes notice. Not surprisingly, bitcoin is trading up ~15% in the wake of TSLA’s announcement.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, earnings reports from around the world, crude oil prices, an update on the latest national and international COVID trends, and much more.
Weeks like the last one don’t come around all the time. With a 4%+ gain for the S&P 500, every one of the index’s major sectors finished in positive territory for the week. Leading the way higher, Energy surged over 8%, while Communication Services, Financials, and Consumer Discretionary all tacked on more than 6%. Following the rally, though, most sectors are overbought, including Communication Services and Real Estate which are both at ‘Extreme Overbought’ levels (more than two standard deviations above their 50-day moving average). Given the strength, we were a bit surprised to see that three sector ETFs still have timing scores that rank as ‘good’ in our Trend Analyzer.