Yesterday, the Dow and the S&P 500 hit new record highs… and then came tumbling down, dropping about a full percentage point once it was all said and done.
After moving higher all week to a new all-time high just about 3700, the S&P 500 came down sharply yesterday afternoon. It was down all the down about 1% off those all-time highs.
Turns out that markets were not thrilled about something. Turns out (surprise, surprise) congress still hasn’t been able to cooperate enough to put a stimulus package through.
The good news is that it could set up for an even bigger day today and tomorrow than we might have had. In fact, I was looking at the table, and the market looks much better than it appears despite Wednesday’s pullback. In fact, today could be historic. Here’s why I’m feeling so optimistic.
Optimistic About Today (Thursday 12/10)
Why am I so optimistic about today? Well, maybe Congress will get its act together and finally pass a stimulus package. I’m not counting on that to happen.
The real reason I’m so excited for today is because it’s the day of the FDA’s open hearing on the emergency approval of the covid-19 vaccine developed by Pfizer and BioNTech. That means we could be just days away from the first vaccine being available in the United States.
The end of the pandemic. We could get that news at any point during the day…
Markets could be in for a historic day – not just biotech and pharma companies, but a lot of the sectors we’ve been paying attention to.
Fingers Crossed for Pfizer/BioNTech Approval
Pfizer and BioNTech’s vaccine has already been approved for use in the United Kingdom and Canada. Things are looking pretty good here in the United States.
It will be a boon for the markets if and when Pfizer and BioNTech’s vaccine is granted approval by the FDA. Once that happens, Moderna will be not long behind.
We’ll be doing what we always do: take it one step at a time, look at the numbers, and make a decision based on what we see.
If you’re not a part of TBUZ, there is probably no better time – just before the markets get ready to ride high on some end-of-pandemic optimism.
Click here for more information if you’re interested.
Don’t forget to smile today. And like I always say…
I’ll see you on the flip side,
Tom