With economies reopening on the way, now 4 consecutive weeks have posted record highs for the DOW. Buoying investor spirits, the vaccination push is producing big gains toward herd immunity and openings of economies, although some possible problems with the J&J vaccine, and some stubborn growth in COVID caseload in several states, make clear that we still have a way to go.

Earnings reports so far have grown at an average of 30+%, led by consumer product companies and banks. It’s the best such earnings growth performance since 2010. And the coming week will produce another big increase in the number of companies reporting earnings for the 2021 1st Quarter.

If there is a spoiler, it’s concern about rising inflation as jobless claims fall and retail sales soar. However, the FED has indicated clearly that it will continue its accommodative stance.

In terms of this week’s market condition, we used the high volatility settings to scan the conforming credit spreads. Premier Members can view the screening reports of conforming credit spreads, and others can join us to test-drive free for 30 days.