Despite three consecutive Monday announcements of “potential vaccines,” an agreement by President Trump to allow the “Biden Transition” to begin, and a holiday-shortened trading week that left the “inmates in charge of the asylum,” the market hasn’t done much with it.
As of Friday, the S&P 500 is only about 1.62% higher than it was three months ago.
SPX Daily Chart
Unfortunately, as we will discuss in more detail momentarily, the surge in November, one of the largest monthly advances in history, consumed the entirety of the market’s oversold condition that existed before the election.
Furthermore, you have to wonder precisely how much “gas is left in the tank” when even “perma-bears” are now bullish.
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