What Pfizer’s Critical Vaccine Announcement Means for the Market
It’s over. Even though there are some logistics that still obviously need to be taken care of, it’s over.
I’m talking about the election being called in favor of Joe Biden. That’s over, at least as far as the market’s concerned.
Whether President Trump continues to challenge votes and contest results remains to be seen.
But as the results of the 2020 Presidential Election blow over and news of a potential successful vaccine candidate spreads, there’s much to look forward to.
Here’s what’s on my radar this week…
Clear Skies Ahead – For Now
The market decided last week it had better things to do, which was key off great earnings and look to the future of a vaccine, as opposed to rising infections across the U.S. and Europe locking down.
In what seemed like a surreal slap at election fears, at politics in general, the Dow Jones rose 1,821 points, or 6.9% last week. The S&P 500 edged past the Dow, rising 7.3%. And the Nasdaq Composite left both in the dust, rising 9% on the week.
European stocks rose last week, too. And this morning, given the rally they’re enjoying looking at what U.S. equities did last week, what the futures are doing here this morning, and reminding themselves that politics don’t matter to markets when they want to move, European equities and Asian markets are soaring, including some making new highs.
The way we’re teed-up this morning, pre-market, U.S. investors are looking at new highs maybe today.
How did markets turn on a dime?
Simple, equities were knocked down close to 8% in September and investors were buying that dip – not with both hands, mind you, but they were buying.
That set the stage for shorts to bet on what everyone expected would be a contested election. Shorts tried to sell into what looked like a feeble rally off the September lows.
But buyers decided there were still bargains out there and bought. That was two weeks ago.
Last week, shorts had to cover starting on Monday. They stepped up their buying early Tuesday when they figured out they were on the wrong side of some unexpected upward momentum.
As benchmarks went higher, buyers came in off the sidelines and some serious momentum kicked in, at the same time as fear of missing out took over.
Now, here we are, with a President-elect and a raging equity market.
There’s certainly room to run if there’s a vaccine on the horizon; even airline stocks and travel and leisure stocks are rallying this morning, pre-market.
Ride it as long as you can because there’s a ton of optimism out there and even more money on the sidelines.
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The market’s ripe for the picking right now, and while things are looking good, you want to make sure you’re doing everything you can to make the most out of it. Click here to see how Andrew does it – and how you could do it, too.
Be careful out there.