Stocks trade firm on enthusiastic virus vaccine news while markets in general continue to stay afloat on some very rough seas.
No taper tantrum to speak of; Trump diffuses US-China tensions; A colossal inventory draw; Oil market’s defacto Covid "fear index"
Amid the many hot stock takes comes a case to ignore the flashing red lights and focus on price action; Vaccine optimism boosts the general market tone.
Risk finds favour on positive vaccine news; OPEC+ shows unity and eases market fears with continued compliance cut agreement.
Positive news almost all around as encouraging vaccine results tempt markets with a potential recession-stopper
Oil prices take a turn for the worse as California goes into lockdown; Unity within OPEC+ now becomes central ahead of this week’s committee meeting
Reimposition of lockdowns casts shadow of risk over economic rebound and adds uncertainty to this week’s US bank earnings reports
Volumes remain challenged, catalysts are backloaded and earnings season is about to kick off a jam-packed calendar of market impacting events.