If you remember Bill Murray’s famous star turn as weather forecaster Phil Connors in the movie Groundhog Day, you’ll know how I feel today:
Is it this Monday, or last Monday?
Before the markets opened this morning, in what felt like a Deja-vu moment, we got good news about a leading Covid-19 vaccine candidate. This time it was from Moderna Inc. (MRNA).
Last Monday, the same thing happened, except then the news was about the vaccine being developed by Pfizer Inc. (PFE) and BioNTech SE (BNTX).
I sincerely hope that you’re enjoying your weekend, and that you safely made it past Friday the 13th yesterday.
While there’s no real evidence to suggest that you’re likely to have bad luck on a Friday that falls on the 13th day of the month, a large number of people believe that to be the case.
We often see similar kinds of irrational beliefs and behaviors in the market.
Take this week’s big move up for so many beleaguered stocks, and the move down for so many market darlings during the pandemic, after we got some positive preliminary news about a potential vaccine candidate.
Given the way these stocks moved, you’d think people believe the coronavirus problem was a thing of the past.