Is that all there is to the latest vaccine news?
So, we've gotten encouraging vaccine news in each of the last three weeks now and one for every Monday during the period as well.
But each time the news comes out, the market has been less responsive than the last and this time is not too much different. Equity futures jumped a little but they are hardly worth anything shouting about, with S&P 500 futures up ~0.5% from ~0.3% earlier.
Treasury yields are a little higher but hardly convincing of any major risk-on shove, while major currencies are muted and not even flinching to the news earlier.
Once again, now that we've gotten the latest dose of vaccine optimism, the market finds itself in a familiar dilemma. Is there going to be any follow through?
The US cash market, although facing a holiday-shortened week, will have a lot of answering to do with the S&P 500 keeping below 3,588 being the key for sellers to limit any major upside swing in the risk mood over the next few days.
