What’s in Today’s Report:
- Looking Ahead to 2022 (The Omicron Threat May be Fading But the Coast Isn’t Clear)
- Weekly Market Preview (Clear for a Santa Rally but Depends on Omicron Headlines)
- Weekly Economic Cheat Sheet (Housing Data and Jobless Claims This Week)
Futures are slightly higher on continued momentum from last week’s rally following a quiet holiday weekend.
Omicron optimism continued to help push risk assets higher as markets continued to adopt the idea that while COVID cases will soar, hospitalizations will remain low and as such there won’t be any major lockdowns.
There were no economic reports overnight and the global economic calendar for the week is pretty empty (as is usually the case for this week).
Today there are no notable economic reports and no Fed speakers, so we’d expect generally quiet trading that will be driven by Omicron headlines and year-end positioning (that’s likely to be the case all week). Any stories that further confirm Omicron COVID is not as severe as the previous COVID will help stocks extend the rally into year-end, while any headlines about lockdowns will be a headwind.
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