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Did The Market Correctly Price In The End Of The Pandemic?

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After what appeared to be a second COVID wave in July, new case counts have dropped substantially this month. Despite more people getting tested (almost 25% of US), the daily case numbers remain healthy, and the more critical death rate continues to fall.

Today the market surpasses crucial market levels this morning. The S&P 500 surged through 3,400 which represented a critical resistance level. The Nasdaq 100 (QQQ - Free Report) passed a key Fibonacci retracement level (11,600) with the index looking like it's headed to the moon.

Now the S&P 500 (SPY - Free Report) is eyeing 3,600, which many analysts have set as their new year-end price target.

There appears to be an endless appetite for public equities as low-interest-rates push investors towards riskier assets. Stocks rally further today as the FDA approves antibody-rich blood from recovered COVID patients for severe cases.

Volatility potential remains as stock valuations stretch and the election looms.

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