What's Happening

Global equity markets are mostly higher, except for China, and U.S. futures are pointing to a positive open following yesterday's mega-rally that pushed the Nasdaq 3.69% to its biggest single-day gain in four months. Big tech stocks and Tesla were back in business for the day as bond yields faded, but that may have been a short-term phenomenon, as yields are creeping higher as the sun rises in the west. Oil prices are also perking up again, approaching $65 per barrel.

The $1.9 trillion American Rescue Plan will likely be approved by the U.S. House of Representatives today and signed by the president. The expectations for how that will translate into spending are sky-high, but a recent Deutsche Bank survey shows around 50% of young American retail investors plan to put part of their stimulus checks right into the stock market. They like what they’ve seen in the past year in terms of returns, and apparently, so do you, according to our recent survey.

You are as bullish as you've been since the pandemic began, you are taking more risks with your portfolios, and nearly 20% of you have added Bitcoin and other cryptocurrencies to your portfolios. Ironically, most of you think that Bitcoin is the biggest bubble, followed by SPACs. As for stock market returns over the next 12 months, many of you have great expectations.