SPDR S&P 500 ETF Trust SPY: More records as the grind higher continues

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Here is what you need to know on Friday, August 13:

Friday the thirteenth does not seem too scary for equity investors and why should it as markets just keep going up teaching all new traders the benefits of buying and holding. Also perhaps teaching some bad lessons about risk management in the process but the time to learn that will also come! Thursday saw the 47th all-time high record close for the S&P 500 in 2021 a number only beaten in 2017, 2014, and then back to 1995,1997, and 1998 over the last 50 years. We still have plenty of time to set some more. It is a bit worrying to see the series in the mid to late ’90s being matched as that set the tone for the huge tech bubble explosion and there are a lot of correlations we see today. Also though it should be noted is the record-high number of closes is from 1995 but it took another five years for the bubble to pop. Those calling a current bubble should take note, it may take longer than expected to pop.

The delta variant may be the catalyst for a small pullback as yesterday Southwest Airlines (LUV) commented on booking cancellations and today AirBnB (ABNB) cautions about bookings being impacted by the covid variant. Disney (DIS) once again impressed overnight with strong results and as mentioned yesterday the FDA authorized booster shots for certain sectors of the population which helped gains in the vaccine makers PFE MRNA BNTX JNJ with Dr Faucci saying everyone will likely need a booster shot.

The dollar is a bit weaker this morning as yields drop, at 1.1760 now versus euro with ten-year yields down to 1.34%. Gold is $1758, Bitcoin 4% higher at $46,355 and Oil is unchanged at $69.

European markets are higher: Dax +0.4%, FTSE +0.2% and Eurostoxx +0.1%.

US futures are flat: S&P +0.04%, Dow +0.1% and Nasdaq -0.1%.