This strategist says to help push the S&P 500 to a higher level, outpacing tech stocks

Stock investors can be forgiven for some of the fatigue that appears on Monday, which has been a blockbuster month for stocks.

S&P 500 SPX,
+ 0.24%
And the Dow Industrial DJIA,
+ 0.12%
Set to be its best november since 1928, the Dow has also earmarked for its largest monthly return since January 1987.

But there is still some fuel to buy for the next few weeks, we say Phone of the day From Adam Kobesi, chief and editor of Kobesi Letter.

“While we believe that many recessions remain in this market, we no longer see short-term price action in the context of a recession due to the concept of ‘market euphoria’,” Kobesi tells customers in a newspaper is. “The S&P 500 has consistently driven psychological goals, such as the 3600 and a new all-time high, which can easily push the index to 3700+.”

He said that while the US is witnessing a shutdown related to COVID-19, the economic data continues to rise so far.

“The 7-day average of the percentage of positive cases in the United States also fell below 10.0% last week, closing at 9.4%. If it can continue to fall, especially below 8.0%, then the equity epidemic will continue to see short-term headwinds, ”says Kobesi.

Investors will, of course, be watching to see if the recipients of the many thanks come together and send more to the hospitals over the next few weeks. But the only “fundamental catalyst” that can keep the S&P 500 down is the failure of COVID-19 vaccines, he says. And the news has been very good this month, so the stock is up.

Kobesi also advises investors to keep an eye on technology stocks, which have waned with little enthusiasm of late, but may be furious to rebound.

“FANGN (Facebook FB,
+ 0.80%,
Apple AAPL,
+ 0.48%, AMZN,
+ 0.32%,
Netflix nflx,
+ 1.31%
And Google GOOGL of the alphabet,
+ 1.29%
), In particular, has the ability to recover and lead the next leg as hospitality stocks have led this initial move to an all-time high, ”says Kobesi.

Netflix has caught his attention. The recent rally has been missing, with the streaming platform stuck in a tight range between $ 475 and $ 500, for a few weeks now. Kobeisi says the range is stuck inside a large amount, from $ 460 to $ 575, which seems to “build up energy for an upward breakout in the next few weeks.”

Netflix hovers above $ 460 to $ 475, adding that the stock can hit $ 520 per share, but he advises investors to be cautious if they stay below that support range. They say that they will have a hint to return.


US stock futures YM00,


+ 0.22%
European stocks are mostly lower with SXXP,
Asian shares fell across the board.

Oil prices CL.1,

Petroleum exporting countries are falling as the organization gets ready for a virtual meeting on Monday.

With Bitcoin BTCUSD, cryptocurrency is climbing,
+ 3.34%
Above $ 18,000.

Read: The main reason is decreasing bitcoin prices and which can increase them more

The buzz

S&P Global SPGI,
+ 1.04%
Has announced an all-stock buyout deal for rival data provider IHS Market Info,
+ 0.30%
It is valued at $ 44 billion.

Drugmaker Modern mRNA,
+ 16.34%
It says it will file for the Emergency Use Authority from the Food and Drug Administration for its COVID-19 vaccine candidate, which also showed 94.1% efficacy.

The coordinator of the White House Coronovirus Task Force, Drs. Deborah Birks says that those people in America traveled for thanksgiving and gathered in large numbers Should “assume” they are infected. There were a record 93,219 COVID-19 patients in American hospitals on Sunday.

According to online shopping tracker Adobe Analytics, cyber Monday shopping may be the biggest in history after consumers spent nearly $ 9 billion on US retail websites on Black Friday. This was a 22% increase over the 2019 record, though the fear of COVID-19 meant a 52% drop for traditional in-store traffic.

China’s largest chip maker and energy group – Semiconductor Manufacturing International Corp. 688981,
+ 0.54%
And China National Offshore Oil Corp – President Donald Trump’s administration will add them to the export blacklist – on a report. This is as a gauge of sugar factory activity, which reached a three-year peak in November.

Pending home sales are ahead, in a busy data week that will end with Friday’s November data, when we see how many jobs have been destroyed by the second coronavirus virus.

President-elect Joe Biden fractured his leg while playing with one of his dogs.


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