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Stocks up 7.3% in Big Week; Potential for 10% Rally into YE

After notching four consecutive days of gains, the S&P 500 took a well-deserved break and finished flat on Friday, leaving a massive 7.3% weekly rally intact. I consider this a huge win, especially in the face of a still undecided election outcome. Since the start of this rally at the end of October, we are now nearing the September 2020 highs around 3,580. And I see further upside into year end. More on this below.

As for COVID-19, the spread continues at an accelerating pace. This week, daily cases came in above 100,000 for the first time and they seem set to rise further.  The fastest spread remains in the wave three states, in particular, WI, IL, ID, ND, SD, UT, or WIINSU.

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