The game is over for GameStop. The trading mania that has gripped the market for a week has receded into the rear view mirror. The market likes getting back to normal trading action with technology leading the charge higher today. Google, Amazon and others report earnings after the bell and the expectations are high for these companies to blow estimates out of the park.
Covid cases are on the decline to a 2 1/2 month low, which is also helping investor sentiment. More than 26 million Americans have received the vaccine now and the pace is accelerating. We may be seeing the pandemic on it's last legs.
Company quarterly earnings for Q4 2020 have been a blowout. 84% of S&P 500 companies so far have beaten earnings estimates, compared to 78% last year this time. This is another good sign for stocks.
Eurozone GDP numbers came in better than expected for Q4 so everything, globally is looking better.
Volatility is also down in morning trade as the fear from last week's selloff fades away.
The S&P 500 and Nasdaq 100 both had buy signals today on a second day higher.