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The stock market continues to boosts the winners in a social-distancing and work-from-home world. Stocks like AMZN, SHOP, NFLX, PTON have accelerated their ascent.
Speaking of frothy, SPACs (special purpose acquisition companies) are still on absolute fire as liquidity is chasing momentum and fairy tales.
Large-cap Chinese stocks joined the bull party last. BABA had a major breakout of a 3-year base which boosted the interest for small-cap Chinese stocks.
Every time there’s an announcement about a breakthrough in a covid vaccine or drug, so the so-called old-economy sectors of the economy bounce – financials, retailers, transportation and leisure, etc. We saw it again last Friday. Let’s see if this time lasts more than a day and we see a temporary rotation from digital to non-digital names.
The S&P 500 is setting up for a potential breakout and a few good earnings reports from the big banks might get it there.
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