Allegiant's Senior Research Analyst Will Geisdoft, CMT, has been quoted in MarketWatch today:
U.S. Stocks Trade Near Session Highs as Investors Focus on Robust Tech Earnings, Rising Oil Prices
Excerpt of the article published on February 3, 2021:
Meanwhile, Will Geisdorf, senior research analyst with Sarasota, Florida-based Allegiant Private Advisors, said stocks were being held back from making significant gains by a stretch of bad economic numbers, like December's jobs report, combined with a market that was a bit over its skis.
"A little bit of the air is coming out of the volatility," he told MarketWatch. "It looks like we're about to get some additional stimulus, and the package that was passed recently is just starting to work its way into the economy. That will be an upside catalyst."
President Joe Biden's $1.9 trillion COVID aid package has been met by a counter offer this week from a group of Republicans, which was less than half of president's proposed amount. The Senate on Tuesday voted 50-49 to open a debate on budget resolution for the 2021 fiscal year, a move that paves the way for much of Biden's stimulus package to become law without the need for any Republican support.
Even so, Geisdorf sees the reflationary trade already making a revival, evidenced by the 30-year Treasury bond yield breaking out, energy prices touching a one-year high and regional banks and small-cap companies rallying.
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