“Never think that lack of variability is stability. Don’t confuse lack of volatility with stability, ever.” – Nassim Nicholas Taleb
FOMC, GDP releases and especially the Thursday Earning Trifecta will be key this week as we wait for the vote on the next round of financial support programs.
Remember that we will also have to deal with a lot of continued headline risk, not only as the administration continues to try and pump up the volume on stimulus and a vaccine but also on the China escalation front.
Our base-case scenario (sentiment, technicals and seasonals) remains that we started a topping process on Monday 13th and we’ll continue to focus on our roadmap from here on.
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