S&P 500 Ends Week Flat, Friday Action Led By Small Caps Array ( [cookie] => 596a25-805399-724db3-06fc84-1cfaa6 [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 2 [max_usage_crypto] => 2 [lock] => 1 [message] => [error] => [active_member] => 0 [subscriber] => 0 [role] => [visitor_id] => 208285 [user_id] => [reason] => [method] => ) 1 and can accesss
The market took a somewhat volatile and meandering path this week to close essentially flat. The S&P 500 closed at 4,180.17 which was ever so slightly down from the 4,185.47 it closed at last Friday which was an all-time-high. It looked like going into the close we might close at a third consecutive ATH on Friday in a row, but the tape ended just short. Thursday saw a good old fashioned Capital Gains scare that seemed to continue carrying over to crypto into Friday. You’ll be happy to hear our veteran Washington Policy Chief Tom Block discuss his reasoning on why he thinks you won’t be seeing that rate move anywhere anytime soon. The disproportionate power of moderates given the closely divided House and Senate is Wall Street’s friend in this case.
The Epicenter trade has stalled over the past weeks as case data went sideways, lockdowns in Europe reemerged, the deteriorating situation in India and in addition to all of this there has been a lot of talk that markets are ebullient and need a breather. We disagree. Some names have put up strong earnings and markets didn’t appear to react as strongly as one would think, prompting some to theorize that the unprecedented economic boom we think is coming has already peaked. The data, coming in from all across the economy would appear to reject the assertion that economic momentum has peaked. Beyond the numbers, there is a once in a lifetime desire to connect and gather and we think this coupled with the leanest companies from an operating leverage perspective in modern history is what engenders the higher alpha in Epicenter names.


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Thomas J. Lee
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