Mannarino: NEW ALL TIME RECORD HIGHS FOR THE MARKET- And We Are Not Done Yet
TradersChoice.net, Released on 11/16/20
Gregory Mannarino started his career working for the securities and trading
The broad sell-off was a reversal of Monday’s rally, in which the blue-chip Dow reached its first record closing high since before the pandemic.
The Nasdaq was essentially flat, its losses capped by surging Tesla Inc TSLA.O shares.
“We’re seeing profit taking after some substantial gains, and we had mixed macro news,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. “The market is pulling back, but we’re off the lows of the day.”
“There’s nothing to suggest we’ve hit a peak of this ‘vaccine rally.’”
Monday's rally was prompted by Moderna Inc's MRNA.O announcement that its COVID-19 vaccine candidate appears to be 94.5% effective in preventing infection.
But a recent surge in new coronavirus cases across the United States have led several governors to enact new restrictions to prevent the disease from spiraling out of control.
The retail sales report released by the Commerce Department showed spending decelerating as the holiday shopping season approaches amid a lack of forthcoming fiscal relief from Washington.
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