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“The key to making money in stocks is not to get scared out of them.” – Peter Lynch
The Dow is looking to make it five in a row today as equity futures are higher across the board. Weekly jobless claims came in lower than expected on both an initial and continuing basis, and are also both at or near their lowest levels of the pandemic. Futures were already higher this morning, but dovish comments from ECB President Lagarde have boosted the mood even further.
Trends related to COVID continue to show improvement on both a national and international basis, as vaccine doses continue to pile up across the country. Also, news from Pfizer (PFE) suggesting strong (94%+) real-world effectiveness of its vaccine based on a study in Israel only makes the outlook for once those doses are administered more broadly even more optimistic.
Be sure to check out today’s Morning Lineup for updates on the latest market news and events, including a recap of Asian and European markets, the latest ECB rate decision, Japanese bond flows, an update on the latest national and international COVID trends, including our series of charts tracking vaccinations, and much more.
Looking at the chart of QQQ, it’s in a bit of limbo heading into today. Last week, the index appears to have successfully tested support at its peak from last September. Despite the bounce, QQQ still remains below its 50-DMA, and even after what is on pace to be a 2% gap at the open, it will still be trading below its 50-DMA. Large-cap tech still has some catching up to do!