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Quote of the Day: “Wall Street sells stocks and bonds but what it really peddles is hope.” – Jason Zweig
We have a quiet day of economic data to contend with, but there should be plenty of drama concerning the ongoing discussions in DC over additional stimulus. Futures have been drifting lower all morning after peaking right before the European open. Earnings news continues to impact individual stocks as the overall market reaction to these reports has been positive.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, key earnings and economic news in Europe and the US, trends related to the COVID-19 outbreak, and much more.
The S&P 500 traded to its highest levels since February yesterday, but one breadth measure uncharacteristically lagged. As shown in the chart below, the S&P 500’s cumulative A/D line hasn’t made a new high since 7/22. While it’s nowhere near breaking down at his point, it is a trend worth highlighting as this measure has consistently led price over the last few years.