E Buoyant Stock Market

Today the stock market is very buoyant because while lame-duck president Trump is still declaring that he won the Nov. 3 election, his team are finally working correctly on the transition to Joe Biden's presidency. So we have something to give thanks for 2 days from now. Vaccines are another.

The latest story is still a bit ambiguous but it now looks like the Oxford vaccine will also be 90% effective as well as cheaper (it is being sold at cost, without a profit add) and easier to handle as it needs only to be stored at normal refrigerator temperature. As noted yesterday it is the only vaccine ever that works better if the first jab is a half dose, and the second a full dose, because the protection is at 90% that way. This means more people can get their shots because the amount of vaccine needed is 75% of what was thought necessary before the trials.

The bad news is that daily US COVID-19 cases in the last 7 days hit a new record. GE is up again on news that its aviation division will further cut manning levels even when airplane orders rise. It was raised to outperform by Oppenheimer analysts. Oil prices are up again on hopes that travel and airplanes will do better next year and economies will grow.

We sold two shares from our portfolio yesterday, half of Chinese NIO (at $54.995/sh), and all of Irish Greencore (GNCGY at $6.37, a loss). The money is going into the college funds of my pre-college grandchildren. The sell was because the Irish fast-food company did a secondary issue and would not show the information to US journalists and shareholders. I was both. They were sent copies of this blog.

Today the market is up some more but I think we are coming to a reversal. The Dow-Jones hit a new all-time high at 30,013.93 but I expect it to fall, mainly because there are still plenty of negatives.

*Copper miner Antofagasta is the top performer today, up 9.11% to $16.64. Its main listing is in London but the ANFGF share is Chilean. A Jefferies broker put a buy the stock because there is a copper shortage and Barron's daily wrote this up.

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William K. 1 month ago Member's comment

Very interesting and some very good news here!

Interesting about the India government banning those apps. I did ot realize that India was a police state like China is and has been.

The breakthroughs in the drug industry should lead to some gains for those companies in addition to solving serious health problems for many.

So there is indeed some good news showing. Thanks for the article.