The View from 5th Avenue

The View at Two – 18 November 2020

More the new same –  Another vaccine update (from Pfizer) has kept the rotation into underperformers moving.  But while value once again is leading (-10bps vs Growth -31bps), and getting a lift from Energy (XOP +2.1%) and Banks (BKX +44bps), the differential between the Value and Growth groups is not as extreme.  The S&P is currently testing the 3600 level, but better support is down at the 3500 area. 

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