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The market strives to be forward-looking. One can make the argument that it is currently discounting the potential of a second Covid wave or at the least, the realization that the virus might stay with us and impact every aspect of our lives for a lot longer than previously expected. This would explain the extreme strength in software, online retail, biotech, protective gear equipment, diagnostics test stocks last week. So many new all-time highs among those names. Even gold woke up from its nap last Friday. Clearly, the market is confident that the Fed will bail everyone out and it is trying to highlight the potential winners in a Covid world.
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