We grinded higher across the board last week as the market-wide rally continues. We're not seeing the market react too much to all of the new Covid cases and lockdown news, seems like the market is still looking ahead past the pandemic.
News-wise the number one headline right now is the Stimulus bill. The news we got Friday suggests Congress will work together to eventually get a deal on paper before the end of the year. If we don't get a deal done that could spur some selling. The other news-related price action we saw last week was Pfizer's announcement they're behind schedule on Covid Vaccinations and will only ship half of their original projections by the end of this year. This news was bought up as we closed the week at highs, but you can't discount the fact that any negative news surrounding a vaccine would likely have the market react negatively. We're in a macro bull market though and we're seeing any weakness get quickly bought up, so until we see something change, we should stick to the script.
As we enter the last few weeks of the year, we'll see volume dissipate as the month goes on. I'm anticipating we rally into year-end and have a volatile early-mid January, but that is pure speculation. We're seeing some extreme bullishness out there which always gets my guard up a bit. But there are still lots of great setups out there.
Earnings This Week
Click the above picture for a full list of the companies reporting this week
WIX has been consolidating at support for the past 3-4 weeks and looks like it may finally be ready to break out of the range. After buyers went after resistance Thursday, the stock formed a tight inside day Friday. Watching for volume through the 262 area resistance out of the base.