Nikkei 225 has sharply dropped after the hawkish surprise from the Federal Reserve.
Moderna jumped to $100
2020-11-17 • Updated
Every Monday great news comes out. What will the next Monday bring us? Firstly, Pfizer and BioNTech announced that their vaccine is 90.0% effective last week. Then, Moderna published results of its’ Covid-19 vaccine, which prevented the infection by 94.5%.
The second report encouraged investors but not as much as the first one. Anyway, it was beneficial not only for Moderna but also for undervalued stocks and indices which were hit hardest by the pandemic. For example, the Dow Jones set an all-time high today near 30 000 due to vaccine hopes.
The US dollar dropped due to the risk-on mood on the market, while emerging market, commodity-sensitive, or just riskier currencies such as the CAD, the AUD, and the GBP gained.
All that vaccine news didn’t change the game completely as new virus cases are steadily rising all over the world, but it’s really inspiring in the long-term perspective.
Going back to Moderna, it jumped to $100.00 for the first time but closed in red as profit-takers entered the market. If it manages to jump above this psychological level again, it will rise to the next round number of $105.00. In the opposite scenario, if it drops below the support of $80.00, the doors towards the low of November 10 at $75.00 will be open. Follow the news and catch the market flow!
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