Eye on COVID-19, Trifecta of Positive Catalysts Suggest Rally

Summary

- COVID-19 case trends have appeared to tick up and the 7D delta has been positive for two consecutive days, we will watch very closely for market implications.

- 16 out of 50 states are showing a rise in cases vs. 7D ago. This could be noise or ‘true-up’ caused by delayed reporting but we’ve noticed some correlation to vaccination rates.

- We think several positive factors are aligning for the first time in a while that will make our mid-year S&P 500 target plausible...

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