Wednesday, November 25, 2020
As I've suggested herein of late, it's not a stretch to surmise that the near-term path of least resistance for the stock market is most likely higher (not a prediction mind you!).
Asian stocks were mixed overnight, with 9 of the 16 markets we track closing lower. Same for Europe this morning, with 9 of the 19 bourses we follow currently in red. U.S. major averages, save for the Nasdaq, are giving a little back so far this session; Dow down 176 points (0.58%), S&P 500 down 0.27%, Nasdaq up 0.13%, Russell 2000 down 0.53%.
Tuesday, November 24, 2020
Monday, November 23, 2020
Optimism pretty much reigns globally this morning, as positive news on Astrazeneca's vaccine added to recent promising reports from Pfizer and Moderna, and the readings from purchasing manager surveys (PMIs) say business, particularly among global manufacturers, is picking up notably, as are costs, per our view on inflation going forward.
Friday, November 20, 2020
I've been hinting that many of what we deem to be pertinent data points have been flashing threatening signals of late. However, per this week's analysis, not yet to the point that has us lowering their scores.
In fact, thanks to an uptick in mortgage purchase applications (our only needle-mover this week), our overall score moved yet another notch closer to the green; this week we're at -4.08.