More Anything? More Everything! – Today’s buying binge was reminiscent of Jerry Seinfeld in first class, when the attendant asked if he’d like more of anything – more everything indeed. News was already being spun positively early in the morning – the Moderna vaccine results (on EIGHT patients mind you) sent the market into a full blown Tasmanian devil tornado. We hadn’t seen value/cyclical names get bid for but that narrative shifted a bit today, with banks, autos, energy, travel/leisure and certain consumer disc names north of 5% gains, and plenty of names within those sectors into double-digits. The R2K, also failing to keep pace with the bigger indices, was lapping the field at +5.5%. The burst in optimism led to the biggest imbalance the TICK Index has ever seen at today’s open.
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