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Liquidity, FOMO, weak U.S. Dollar and Treasuries, career risk for money managers continue to drive stock prices higher. The large-cap indexes, SPY and QQQ have gone parabolic. In the meantime, the small-cap Russell 2000 has consolidated in a tight range and it looks primed for a breakout.
This bull market continues to correct the excesses through sector rotation – when one sector pulls back, another step up and leads higher. Many of the stocks that sky-rocketed during the COVID crises started to pull back while the ones that were hurt the most are perking up – restaurants, casinos, cruise ships, retailers, etc. The likely reasons behind that rotation – The FDA approved a 15-minute COVID test that costs $5 and several vaccines are in their trial stage and it is very likely they get approved.
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