As we’ve discussed many times before, markets don’t like uncertainty, and this certainly adds a layer. Yes, there’s a cleaner path to added stimulus measures, which markets love, but it also introduces tremendous uncertainties for corporations, especially Big Tech, and this can be seen through the Nasdaq’s early reaction.

From U.S. equity benchmarks to Platinum and Soybeans, many asset classes began surging higher at the Sunday night open before volatility ensued at 8:30 a.m. CT.

Fueling the risk-on jolt is a weaker U.S. Dollar. As we discussed in our last note and throughout the year, USD is the sacrificial lamb for the pandemic-ridden economic rebound.

Although there's a chance that increased stimulus checks may not get passed, other integral parts of this bull market are likely to be much safer.

Now that the quadruple witching cleansing has played out and news of Congress passing the coronavirus aid bill has already sold, are we any less cautious than we were Friday? Not just yet.

Although they didn’t announce some new robust stimulus program, their absolute and total commitment to highly-accommodative monetary policy until the economy recovers fully was exactly the reassurance risk assets needed.

The Dow and Russell 2000 each set a record high early before markets broadly retreated on news that New York City could go into a full lockdown if Covid-19 cases continue to rise.

Bullish tailwinds are coming from a path forward in Washington, the FDA granting Emergency Use Authorization to Pfizer’s vaccine late Friday, and an extension to Brexit talks.

Markets are enjoying the reinvigoration of Covid-19 aid talks in Washington, despite the price tag being slashed in half.

Developments in Washington will certainly play an integral role in today’s tape as the December 11th budget deadline looms.