Update on the Pillars of the Rally (Negative News)

/in , /by

What’s in Today’s Report:

  • Why Last Week Wasn’t As Positive As the Price Action Implies
  • Weekly Market Preview:  Stimulus Expectations (Thursday) and Bank Earnings
  • Weekly Economic Cheat Sheet:  If the Recovery Losing Further Momentum?

Futures are moderately lower following a generally quiet weekend as markets digest last week’s rally.

News over the weekend was dominated by politics, and it appears President Trump will be impeached again by the House.

But, impeachment will again be largely a theatrical exercise, and markets will ignore it and instead focus details on Biden’s stimulus plan (which will be announced Thursday).

There are no economic reports today and just two Fed speakers, Bostic (12:00 p.m. ET) and Kaplan (6:00 p.m. ET) but neither should move markets.  Instead, yields (do they keep rising?) and any further details about Biden’s stimulus plan (official announcement Thursday) will move markets.