Today’s rally feels more like muscle memory, as the underpinnings haven’t been great, and we are seeing intriguing reversals from early gains. The tone actually changed after the release of that very disappointing jobs report.

Right now, market breadth measured by winners and loser is a split decision. The difference is in momentum and conviction on the upside.

See new highs versus new lows and up to down volume.

That being said, hot money continues to aggressively seek new opportunities, and today, that’s in Consumer Discretionary names and oversold Real Estate names.

The former is sure to be a winner from additional cash going out in the next few weeks and greater hope that despite the botched rollout, the vaccine will live up to the hype, and we can go outside.

Meanwhile, the Fed is buying billions in Treasuries today and officials continue to promise to keep the printing pressing going at full tilt, even if signs of inflation increase. 

Whether they can or not is a debate for another day, but for now it’s just another signal to investors to stay the course and for some to just go crazy.

I’m loving it, but I am also trying to be smart and responsible.  Ringing the register isn’t a bad thing from time to time.

For investors, this was a strong start to the New Year.  For America, there is more soul searching ahead.

But I sincerely believe we are going to become more united; although, I cannot guarantee it happens anytime soon.  Look out for yourself, your family, your community.  As that circle expands, you will be looking out of all Americans.

Have a great weekend.  Be safe and stay well.