(DAILY NOTION): Another Stellar Day on Wall Street, Next Mover: Jerome Powell's Speech

NASDAQ 100 (as of Feb 9, 2021 at 12.10 p.m.)

Source: Yahoo Finance

SPX 500 (as of Feb 9, 2021 at 12.10 p.m.)

Source: Yahoo Finance

US30 (as of Feb 9, 2021 at 12.10 p.m.)

Source: Yahoo Finance

The Wall Street bulls are sending a message that they are here to stay. It was another stellar day on Wall Street as the NAS100 gained 0.95%, the US30 was up by 0.76%, and the SPX500 rose 0.74%. For the US30 and SPX500, this would be their longest winning streak since August, after recording gains for six consecutive days. The energy stocks recorded the highest percentage gains.

The bulls are riding on the wave of the optimism in the market, as the Biden Stimulus Package makes progress in getting approved. The Democrats have unveiled more details of the stimulus package yesterday, which include $1,400 direct payments to those earning $75,000 or less annually and expansion in tax credits.

Newly appointed U.S. Treasury Secretary, Janet Yellen, has also voiced her support towards the stimulus package and said that the U.S. could go back to full employment next year if the $1.9 trillion stimulus package is approved.

The markets also believe that there is a light appearing at the end of the tunnel when it comes to the Covid-19 virus. The Financial Times reported that new infections in the U.S. dropped to a three-month low. Meanwhile, in terms of vaccines, there has been almost 60 million vaccines administered in the U.S., the U.S. Centre for Disease Control and Prevention reported via its tracker. In related news, results from Citigroup’s gauge of global risk aversion also showed that is has dipped to its lowest level since the onset of the pandemic.

Traders would be looking out for the statement from Jerome Powell, Chairman of the Federal Reserve tomorrow. Will it be dovish or hawkish? And most importantly, will it impact the path of the Wall Street bulls?

FOLLOWME User Sentiment (as of Feb 9, 2021 at 11.55 a.m.)

SPX500

Short – 82.46%

Long – 17.54%

NAS100

Short – 81.60%                

Long – 18.40%

US30

Short – 74.45%

Long – 25.55%