Its Friday... and after a bumpy week, the market is setting up for a nice finish.
One headline that took the markets down rather hard earlier this week... the stimulus talks... looks to be pushed to next week. So we have one less potential headline drama to worry about.
🚨NEW ... WHITE HOUSE is now completely set on striking a Covid stimulus deal with @SpeakerPelosi. They expect working all wk next week on getting a deal
No guarantees it goes anywhere in senate. Trump wants. Badly.
More in playbook pm. We’ll have everything you need to know.
— Jake Sherman (@JakeSherman) October 9, 2020
We've broken above resistance on the SP500 etf.
On any move lower , that would be strong support. I think the potential for a move to $SPY $355 is there... with the eventual push through to new record highs.
The uptick in virus cases, while alarming, is bullish for the market. As its setting the stage for more government and central bank assistance, which is going to prolong the use of training wheels on this market.
Low interest rates for longer. Cheap money = attaractive stock market.
That's how its worked the last 10+ years... why stop now?
Have a great weekend everyone.
Still love some of the names I pointed out recently.
AA, GS, MOS, NTR... and adding to this list the Pot names, industrials, names like MMM, GE...
Ok that is all! Good day!