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“You are remembered for the rules you break.” – Douglas MacArthur
Things are getting off to a slow start this morning (sorry for the delay) as the New York metro area tries to dry out from some massive flooding in the area which has shut down roads, highways, and mass transit. If this had occurred a few years ago, people would be wondering how they would get to work this morning, but in the post-COVID world, work for many people is as close as the nearest computer.
Equity futures are modestly higher again this morning as the ‘everything’ rally continues. Jobless claims were just released and came in lower than expected on both an initial and continuing basis and falling to post-pandemic lows. Later this morning, we’ll get updates on Factory Orders and Durable Goods.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
The everything rally is also giving a lift to the crypto space this morning as bitcoin has traded back above $50K and trading at its highest levels since mid-May. Following this morning’s gains, bitcoin still remains more than 20% below its record highs from earlier this year.
Even more impressive than the rally in bitcoin has been the run in Ethereum which has more than doubled off its July lows. At current levels, Ethereum is less than 14% below its prior record, and its ratio relative to bitcoin is even closer to record highs.
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