As the coronavirus pandemic drags on, the fight for a stimulus deal in the US continues to rage. NY Pilot’s Boom Bust explores what effect the turbulent talks might have on stock market performance.
The founder of Technical Traders, Chris Vermeulen, says House Speaker Nancy Pelosi’s announcement that the stimulus deal is “just about there” is definitely good news. The US is seeing some renewed strength, he says, adding “we have had a really good run in the last four weeks.”
Vermeulen explains that “People are waiting for a stimulus plan before new money really gets pushed into this market. We know it’s coming, but [they’re] just not ready to jump into the stock market yet.”
He adds that, after the election and the stimulus deal, “the stock market could probably be off to the races again.” This is just a pause, he says, pointing out that investors are waiting for the stimulus program to be enacted before they commit more money to the stock market.
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