QQQ as of 1/21/2021 @ 1400 EST
QQQ has established new all-time highs and new resistance levels. Several factors are at play:
1. The inauguration of President Biden and Democratic Congressional majority fueling large fiscal stimulus packages
2. Optimism ahead of earnings from Apple, Facebook, and Google
3. COVID vaccination rollout plan from new administration
4. Better than expected jobless claims
Source: cnbc.com/2021/01/20/stock-futures-flat-after-markets-hit-records-in-previous-session-biden-takes-office.html
Key quotes:
“We see the pace of vaccinations as a key driver of equities through 2021, similar to how shifts in mobility and Covid cases drove equities in 2020,” Keith Parker, head of equity strategy at UBS, said in a note. “Removing bottlenecks for administering doses would present an upside case near-term.”
Moving forward, there is some trepidation in the marketplace as valuations are exceptionally high. There are inflation concerns as well in light of massive fiscal stimulus from the previous administration and for the new administration.
1. The inauguration of President Biden and Democratic Congressional majority fueling large fiscal stimulus packages
2. Optimism ahead of earnings from Apple, Facebook, and Google
3. COVID vaccination rollout plan from new administration
4. Better than expected jobless claims
Source: cnbc.com/2021/01/20/stock-futures-flat-after-markets-hit-records-in-previous-session-biden-takes-office.html
Key quotes:
“We see the pace of vaccinations as a key driver of equities through 2021, similar to how shifts in mobility and Covid cases drove equities in 2020,” Keith Parker, head of equity strategy at UBS, said in a note. “Removing bottlenecks for administering doses would present an upside case near-term.”
Moving forward, there is some trepidation in the marketplace as valuations are exceptionally high. There are inflation concerns as well in light of massive fiscal stimulus from the previous administration and for the new administration.
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