Morning Minutes 12/29/2020

Morning Minutes

Holiday Week Rally Continues

December 29, 2020

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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

US index futures are up about 0.4% this morning building on Monday’s gains of 0.7%-0.8%. Overseas markets are also on the rise today with the Nikkei soaring 2.7% and the Dax up 0.2%.

The UK is particularly strong today with the and FTSE gaining 2.0% and the Pound rising 0.7% with a UK-EU Brexit trade deal now in hand just in time for 2021.

In the US today, the Senate is considering an increase in stimulus cheques for individuals from $600 to $2000 which has already garnered support from the White House and the House of Representatives. In corporate news, Boeing’s 737 Max 8 is scheduled to return to commercial service after being grounded since March of 2019.

Energy and metals markets are mixed today. WTI and Brent crude oil are up 1.1% while natural gas is up 2.0%. On the other hand, copper is flat and with soaring stocks indicating strong investor confidence, haven plays like gold and silver are flat to down slightly.

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