HGSI Doc Top Down Review 11.29.2020
Previously published 11/29/2020 on the HGSI Community Forum. For earlier access to Dr. Scotts Top Down Review, please register at HGSI Community Forum.
I hope you had a Happy, Safe, and COVID free Thanksgiving Day
The markets had another strong week as they rode positive seasonality and a Vaccine-induced High to new Highs.
On my review, it is clear that we are getting extended. That said, markets can get even more extended. Now we need to be looking for signs of a correction.
This week we saw leadership again from the IWM, but we also saw the broader NASD outperform the NASD 100 as the rally extended into smaller technology as well. High RS stocks led on the week.
We have the monthly unemployment numbers this week, as well as further appointments to the Biden Cabinet. The markets certainly welcomed Yellen’s nomination for Treasury. Once again, we continue to see growing numbers of cases of COVID with increased hospitalizations. Unlike last March, the promise of multiple Vaccines coming to market makes the increase is less gloomy.
We are a week away from the FDA meeting for emergency approval of the Pfizer and Moderna Vaccines. That might turn out to be a buy the rumor sell the news event.
Have a great week