Canaccord Genuity's Tony Dwyer is temporarily dialing back his appetite for stocks.
On the one-year anniversary of the Covid-19 bottom, he's telling investors the market is in "no man's land."
"We're in this period where the Russell 1000 growth mega cap stocks aren't oversold anymore and the cyclical or economic recovery theme isn't extreme overbought anymore," the firm's chief market strategist told CNBC's "Trading Nation" on Tuesday."So, I don't really see a near-term tactical edge until we see some sign of an extreme that just doesn't exist right now."
Dwyer, who's bullish for the year, has been partial to S&P 500 groups tied to a strong economic rebound. But he notes those areas don't provide a good entry point right now for new money.
"The other part of no man's land is that economic recovery theme got so extreme that we actually even downgraded the financials [to neutral] last Friday," he added.
The KBW Bank Index, which tracks the performance of the group, is up 107% in the past year. So far this year, it has soared almost 19%.
Dwyer believes the gains face near-term trouble due to risks associated with economic growth.
"It's what made us downgrade the financials. You actually have long-term interest rates come down because the markets start thinking the global recovery may not be as rapid," said Dwyer. "The risk is not in our view right now higher interest rates and economic acceleration. That's what we want."
Dwyer may be on pause right now. But a day after the 2020 market low, he predicted a significant relief rally on expectations of massive fiscal and monetary support. The market was back at all-time highs before year's end.
"The SPX [S&P 500] has already dropped nearly 34% in under a month suggesting the panic phase should be nearly done based on the 14-week RSI [Relative Strength Index]," Dwyer wrote to clients on March 24, 2020. "Such extreme oversold readings have suggested the 'panic phase' of a crash was largely in the rear-view mirror."
On Tuesday, the S&P 500 closed at 3,910.52 a 79% gain from the March 2020 bottom. Meanwhile, the tech-heavy Nasdaq is up 93% in the same period and closed at 13,227.70.
"We still love the economic recovery theme. We have excess liquidity that is historic. You go into recessions and sustained bear markets when you have a need for money with limited access to it. The opposite is true today," Dwyer said. "We've never seen this level of global liquidity in the marketplace."
Disclaimer
1. How COVID-19 is affecting the globe
Confirmed cases of COVID-19 have now passed 123.7 million globally, according to the Johns Hopkins Coronavirus Resource Center. The number of confirmed deaths stands at more than 2.72 million. More than 458.13 million vaccination doses have been administered globally, according to Our World in Data.
UK Prime Minister Boris Johnson on Tuesday praised the great spirit shown by Britain in tackling COVID-19, marking a year since the first lockdown by saying everyones efforts had allowed the country to start on the cautious road to easing restrictions.
It comes as Johnson warned that the third wave of COVID-19 infections sweeping across Europe could be heading towards Britain.
Germany and Finland are extending their lockdowns until April 18 to combat the recent increase of COVID-19 cases. Germany's Chancellor, Angela Merkel, urged citizens to stay at home for five days over the Easter holidays to try to break a third wave of the COVID-19 pandemic.
Frances COVID-19 figures are going up at a vertiginous rate and if the situation does not improve, further lockdown measures may be needed, Frederic Valletoux, president of the French hospital federation, said on Tuesday. On Monday, France reported 15,792 new coronavirus cases, more than double the 6,471 reported last Monday and the highest number on a Monday since the peak of the second wave in early November.
Cases are rising in mainland Europe and a number of regions in India.
Image: Our World in Data
2. WHO Director-General urges vaccine developers to license technology to overcome 'grotesque' inequity
The gap between number of vaccines administered in rich countries and the number administered through COVAX is growing and becoming more grotesque every day, Tedros told the news conference.
The inequitable distribution of vaccines is not just a moral outrage. Its also economically and epidemiologically self-defeating.
He emphasized the need for every country to be vaccinated in order to reduce transmission and therefore, the discovery of new variants that could evade vaccines.
"Some countries are racing to vaccinate their entire populations while other countries have nothing. This may buy short-term security, but its a false sense of security," he said, urging richer countries if they won't share vaccines for the right reasons, they should do it out of self-interest.
He went on to highlight AstraZeneca as the vaccine developer who has committed to not profiting from the COVID-19 vaccine during the pandemic and licensing its technology to several other companies, which are producing 90% of the vaccines that have been distributed through COVAX.
"We need more vaccine producers to follow this example and license their technology to other companies."
3. Men outnumber women three to one on COVID-19 task forces
In a study by the UN and the University of Pittsburghs Gender Inequality Research Lab, women made up just 24% of representatives on task forces set up to manage the recovery in 137 countries examined. Of the 225 task forces, 26 had no women at all.
Multiple studies have found that the pandemic disproportionately affects women, who have taken on a larger burden of childcare with schools closed and been more likely to suffer job losses, while domestic violence has also risen.
A lack of women in decision-making positions will only exacerbate that inequality, said UN Women Executive Director Phumzile Mlambo-Ngcuka.
It is inconceivable that we can address the most discriminatory crisis we have ever experienced without full engagement of women, she said in a statement.
At the moment, men have given themselves the impossible task of making the right decisions about women without the benefit of womens insights.
Here's what you need to know about COVID-19 vaccines in Washington state on Wednesday, March 24.
27M COVID vaccine doses to be shipped next week, White House says
The White House says 27 million doses of coronavirus vaccines will be distributed next week, more than three times the number when President Joe Biden took office just over two months ago.
Coronavirus coordinator Jeff Zients informed governors on their weekly conference call that 23 million doses of Pfizer and Moderna and about 4 million of Johnson & Johnsons single-dose vaccine will be shipped next week.
How to get a COVID-19 vaccine in Washington
The Washington State Department of Health (DOH) released an online portal to check your eligibility for the COVID-19 vaccine. Use the Phase Finder tool to input personal information like age, health conditions and essential worker status to determine if it's your turn.
As of March 17, Washington is in Phase 1B, tier 2 of vaccination. This group includes:
If you are eligible, find a list of vaccine providers on the DOH website and information on how to make an appointment.
SIOUX FALLS, S.D. (KELO) No new deaths were reported by theSouth Dakota Department of Health, as active cases of COVID-19 decrease on Tuesday.
According to the latest update, 128 new total coronavirus cases were announced bringing the states total case count to 116,100, up from Monday (115,972).
The death toll remains at 1,923.
There are 70 current hospitalizations as of Tuesday, compared to 62 on Monday. Total hospitalizations are at 6,881.
Active cases are now at 2,240, down from Monday (2,244).
Total recovered cases are now at 111,937, from Monday (111,805).
Total persons negative is now at 322,309, up from Monday (321,938).
There were 499 new persons tested on Tuesday. Tuesdays new person-tested positivity rate is 25.6%.
The latest seven-day all test positivity rate reported by the DOH is 9.2%. The latest one-day PCR test positivity rate is 12.7%.
According to the DOH, 177,382 doses of the Pfizer vaccine have been administered, 4,883 of the Janssen vaccine and 168,768 of the Moderna vaccine have been administered to a total number of 219,400 persons.
There have been 62,613 persons who have completed two doses of Moderna and 69,012 who have received two doses of Pfizer, according to the DOH. Theres been 4,883 persons who have received the Janssen vaccine.
When combining state and federal vaccine distribution, the state estimated 37.43% of the population has received at least one dose and 23.39% have received both doses.
SAN ANTONIO -- After spending 10 days quarantining in Connecticut due to a positive COVID-19 test, UConn coach Geno Auriemma will fly to San Antonio on Wednesday to join the Huskies for the Sweet 16 and beyond.
Auriemma tested positive on March 14, causing him to miss the Huskies' opening two tournament games, wins over 16-seed High Point on Sunday and 8-seed Syracuse on Tuesday. After testing positive, Auriemma said he was experiencing no symptoms. He received both doses of the vaccine in the past month.
With Auriemma away from the team, associate head coach Chris Dailey -- who has been with Auriemma for 36 years -- has been handling head coaching duties.
1 Related
"This was a tough game because I didn't want to be in a position where I cost our players an opportunity to keep playing," Dailey said after Tuesday's win. "And he was actually really calming when I was talking to him. I think we were both anxious and I know everybody is going to be really happy to have him here tomorrow."
Dailey continued with a laugh, "I say that now, but he gets here at noon I think. At 5, I might regret saying that. But right now I'm looking forward to having him here."
Auriemma spent the opening games watching from his home and celebrated his 67th birthday on Tuesday, with the team calling him on Zoom earlier in the afternoon to sing him "Happy Birthday."
"It was definitely fun. We miss him a lot," forward Olivia Nelson-Ododa said. "We're thankful he'll be able to come up with us tomorrow and we're really excited to see him."
Star guard Paige Bueckers said before the game against Syracuse a perfect birthday present would be a win, which would allow Auriemma to rejoin the team for the tournament. And the freshman delivered, scoring 20 points with 4 assists in a dominant 83-47 win over Syracuse helping UConn advance to its 27th straight Sweet 16.
The Huskies will next face No. 5 seed Iowa and their own freshman phenom, Caitlin Clark.
BERLINEarly last year, Ingmar Hrr was at the forefront of the worlds race to make the first Covid-19 vaccine. The company he had founded and was leading, CureVac NV, had developed a promising candidate using largely untested technology he pioneered.
Then, he suffered a crippling stroke that left him in a coma for weeks. Even as he regained consciousness, he couldnt remember his name and briefly feared he had been abducted by Russian spies.
While he recovered in the hospital under a fake identity, a rival German biotech company, Pfizer Inc. partner BioNTech SE , went on to develop the Wests first vaccine using the same mRNA technology.
Now back on his feet, Mr. Hrr has re-entered the race. This is the story of the blow that almost ended his life and of how he recovered as CureVacs vaccine effort got back on track.
Compared with many rivals, CureVac was late in submitting its vaccine for review in Europeand it now expects approval there by June. But the shot could be a godsend for Europe in particular, which has been trailing the U.S. and the U.K. in vaccinations.
Teachers of all ages are able to get vaccinated against COVID-19 in Florida right now, but will they eventually be required to?
JACKSONVILLE, Fla Teachers are being prioritized across the state for COVID-19 vaccinations, but the state says there is no official database with numbers on how many educators are vaccinated.
Could there eventually be a requirement for teachers to get vaccinated? Sure.
A requirement or mandate would have to come from the state health department or a school district.
The state health department could require a COVID-19 vaccine for teachers. If they choose not to, then a school district could still require it because they are an employer.
That can't happen just yet.
Thats because vaccines have to have full approval by the FDA to become required and currently all COVID-19 vaccines are under Emergency Use Authorization.
However, we reached out to St. Johns County schools and Duval County schools to see what their plan is.
St. Johns County School District spokesperson Christina Langston says the district will not be requiring vaccines. She says they will be continuing COVID-19 protocols as recommended by the CDC and health department.
Duval County School District spokesperson Sonya Duke-Bolden says they will defer to guidelines by the Florida Department of Health.
We started the conversation online on a Duval Schools Facebook page. One person wrote It should be optional and people should respect whatever choice the teacher makes for themselves and their family.
Another said Lets think this through. We all are required to get other vaccines. Why not this one?"
It's not a far fetched idea. Students are required to get a list of vaccines for public school like DTaP, IPV, MMR, and Hep B to name a few.
The White House and CDC have not said that vaccines should be required for educators in order to reopen schools safely across the country.
AUSTIN (KXAN) As the state of Texas opens up eligibility for COVID-19 vaccinations to all adults, Austin Mayor Steve Adler says he thinks essential workers and the most vulnerable should still be the main priority.
Adler expressed this concern during an Austin Public Health meeting just minutes after the Texas Department of State Health Services announcement.
Im not sure I like that the states moving us to everybody being available for vaccines right now, Adler said. On the one hand you want to be able to get to that point. I wish that our next move had been to focus on essential workers and people that are really at the crossroads of passing this infection on to others.
Expanded eligibility will begin Monday, March 29 for all adults due to an increased supply, the department says. So far, DSHS says 9.3 million doses of vaccine have been administered in Texas, including over 6 million first doses.
More than 3 million are currently vaccinated.
A new website will launch next week to register for the vaccine through a public health provider, DSHS says.
Despite the widened parameters, DSHS says people 80 and older will still be prioritized ahead of others and they now wont need an appointment to get vaccinated.
Adler said focusing on these groups alone would have been a wiser public health choice.
Despite increased vaccination numbers, the mayors concerns still remain in addition to worries that volunteers and site workers will be overwhelmed.
Editor's note: This story has been updated to include comments from Sarasota County spokeswoman Brianne Grant.
SARASOTA COUNTY As more COVID-19 vaccine appointments open up daily around Sarasota County, public health officials say theyre encountering a recurring issue: no-shows.
Those details emerged at a Sarasota County Commission meeting on Tuesday.
Chuck Henry, a Florida Department of Health officer in Sarasota County, did not say how many people are not showing up to appointments. Henry also did not say what happens to vaccines after people fail to meet their appointments.
The problem appears to be centered on a flaw in the countys registration system that allowed people to book appointments for their spouses or people they care for. Henry said that health officials are finding that someof those people already have received a vaccine elsewhere.
More: Is there a secret wait list at pharmacies for the COVID-19 vaccine? Probably not.
Henry said it could accountfor the declines, but the no-shows are people who confirmed their appointment two or three days in advance and then did not show up.
Currently, only one person can register for an appointment.
That is what bothered me the most, said Sarasota County Administrator Jonathan Lewis. Staff is there, volunteers are there based on the number of people, and they dont show up. Its kind of a waste of resources.
Sarasota County spokeswoman Brianne Grant said Wednesday that DOH does not have unused vaccines at the end of the day. Health officials only draw vaccine for confirmed, and on-site individuals.
Grant said that health officials aim to schedule 2,000 doses a day. With the rate of declines, the county is seeing about 1,600 to 1,800 people come through the first-dose clinic a day. The county draws those doses as people arrive for their appointments to avoid having unused vials.
"Right now were seeing about a 30 to 35% rate for notice declines/and no response," Grant said.
The county will expand to a larger second site at Sarasota Square Mall on Wednesday to accommodate needed second doses without impactingfirst doses. The current space will max out at about 2,000 doses per day.
The new site is about150 steps farther inside the mall. Those arrivingfor their appointment should notice variances to directional signage; first-dose clinic signs are blue, and second-dose signs are green.
Notifications and appointmentswill go out Tuesday for DOH-operated first-dose clinicsat Sarasota Square Mall Thursday through Saturday, the county said in a news release. Health officials have scheduled first-dose appointments through Wednesday through account number 181,824.
This may continue to update as the countycontinues to see an increase in declines or no responses from individuals and additional notices are sent out.
Because of limited responses from accounts registered in the system for those over 65 and for frontline health care workers, DOH-Sarasota began sending appointment notifications to account numbers in the enhanced registration system that opened March 15.
Appointments are being offered only to those accounts that meet current eligibility guidelines and have been assigned an account number. DOH-Sarasota continues to contact accounts in the system launched in January to determine if they still require a first-dose appointment.
Those who received their first dose of the Moderna vaccine at the state and city-operated clinic at the Van Wezel will receive their appointment reminder later this week, for their return second-dose clinic Saturday and Sunday.
In case you missed it: Manatee-Sarasota prepare as governor drops COVID vaccine age requirement
As the county works through appointments on its current registration system, health officials have begun to plan for a transition to a hybrid registry or geographic-based systems. That could mean more ZIP code-focused vaccine events.
Longboat Key and Englewood are among the fewcommunities that have yet to have a vaccine popup event.
There has been frustration in the community about where the vaccine has been distributed, said Commissioner Christian Ziegler.
More: Despite optimism for one-dose vaccine, Johnson & Johnson slow to reach Sarasota-Manatee
Ziegler pointed to Newtown, the historic African American community in the northern portion of the city of Sarasota.
Theres been a little frustration with distribution, Ziegler said. But it seems like once we get through the registration, it will give a lot more flexibility.
The Herald-Tribune reported last week that despite improvements, Black residents in Sarasota and Manatee countieslag far behind in vaccinations.
According to the U.S. Census Bureau, 4.7% of Sarasota residents are Black, but Blacks account for only 1% of the vaccinations receivedso far.
Almost 75% of Sarasota Countys residents 65 and older have been vaccinated.The county already has vaccinated 56% of those 50 and older.
That is the third highest in the state, Henry said.
Timothy Fanning covers Sarasota government for the Herald-Tribune. Reach Timothy at tim.fanning@heraldtribune.comor on Twitter: @timothyjfanning. Support the Herald-Tribune by subscribing today.
As of Tuesday, March 23:
Florida:About 2.8million had been fully vaccinated.
Sarasota County:73,455 had been fully vaccinated.
Manatee County:47,116 had been fully vaccinated.
Waiting in line in Sarasota County:Vaccinations were beingscheduled up to number 181,824.
Gov. Jim Justice,the West Virginia Department of Health and Human Resources, and the WestVirginia Joint Interagency Task Force for COVID-19 VaccinesannouncedCOVID-19 vaccine clinics that will be held across the state.
All clinic appointmentsslots have been assigned to those pre-registered through the West VirginiaCOVID-19 Vaccine Registration System as vaccine supplies allow. Individualswill be notified through the Vaccine Registration System or their local healthdepartment if they are selected for an appointment slot in their area. Pleasenote vaccine supplies are limited and walk-ins are not accepted.
AllWest Virginians, age 16 years and older, are encouraged to pre-register for aCOVID-19 vaccine through the Vaccine Registration System at www.vaccinate.wv.gov. Please check local news media, socialmedia, and www.vaccinate.wv.gov for any changes or delays tovaccine clinics.
Monday, March 22, 2021
Berkeley County (Individualswill be contacted if selected for appointment)
10:00 a.m. - 4:00 p.m., Destiny Baptist Church, 115 N Raleigh Street, Martinsburg, WV 25401. By appointment only.
Tuesday, March 23, 2021
Berkeley County (Individualswill be contacted if selected for appointment)
8:30 a.m. - 6:30 p.m., Berkeley 2000 Recreation Center, 273 WoodburyAvenue, Martinsburg, WV 25403. By appointment only.
Cabell County (Individualswill be contacted if selected for appointment)
8:00 a.m. - 4:00 p.m., COVID-19 Vaccine Center, 100 HuntingtonMall Road, Barboursville, WV 25504. Byappointment only.
Monongalia County (Individuals will be contacted if selected forappointment)
8:00 a.m. - 4:00 p.m., Former Sears Store at Morgantown Mall, 9520 Mall Road, Morgantown, WV26501. By appointment only.
Raleigh County (Individualswill be contacted if selected for appointment)
8:00 a.m. - 6:00 p.m., Heart ofGod Ministries, 1703 S Kanawha Street, Beckley, WV 25801. By appointmentonly.
Wednesday, March 24, 2021
Cabell County (Individualswill be contacted if selected for appointment)
8:00 a.m. - 4:00 p.m., COVID-19 Vaccine Center, 100Huntington Mall Road, Barboursville, WV 25504. By appointment only.
Clay County (Individualswill be contacted if selected for appointment)
8:30 a.m. - 1:30 p.m., Clay County High School, 1 Panther Drive, Clay, WV 25403. By appointment only.
Fayette County (Individuals will be contacted if selected forappointment)
8:00 a.m. - 3:00 p.m., Midland Trail Health Center, 26709 Midland Trail, Hico WV 25854. By appointment only.
Harrison County (Individualswill be contacted if selected for appointment)
8:30 a.m. - 4:30 p.m.,Nathan Goff Armory, 5Armory Road, Clarksburg, WV 26301. Byappointment only.
KanawhaCounty (Individuals will be contacted if selected for appointment)
10:00 a.m. - 3:00 p.m. Levi Baptist, 5125 Church Drive, Charleston, WV 25306.By appointmentonly.
Logan County (Individualswill be contacted if selected for appointment)
9:00 a.m. - 2:00 p.m., Logan County Resource Center, 100 RecoveryRoad, Peach Creek, WV 25639. By appointment only.
MarshallCounty (Individuals will be contacted if selected for appointment)
8:00a.m. - 4:00 p.m., Chevron Building atMarshall County Fairgrounds, 714 Myrtle Avenue, Moundsville, WV 26041. By appointment only.
Mercer County (Individualswill be contacted if selected for appointment)
8:00 a.m. - 2:30 p.m., Bluestone Health Center, 3997 Beckley Road Princeton WV 24740. By appointment only.
OhioCounty (Individuals will be contacted if selected for appointment)
8:00 a.m. - 4:00 p.m., Highlands Old Michaels Building, 550 Cabela Drive,Triadelphia, WV 26059. By appointment only.
PutnamCounty (Individualswill be contacted if selected for appointment)
9:00 a.m. - 4:00 p.m., Liberty Square, 613 Putnam Village Drive, Hurricane,WV 25526. By appointment only.
RaleighCounty (Individuals will be contacted if selected for appointment)
8:00 a.m. - 4:00 p.m., Beckley Convention Center, 200 Armory Drive, Beckley, WV 25801.By appointment only.
RoaneCounty (Individuals will be contacted if selected for appointment)
9:00 a.m. - 3:00 p.m., City of Spencer Armory, 207 E. Main Street, Spencer, WV 25276.By appointment only.
Summers County (Individuals will be contacted if selectedfor appointment)
8:30 a.m. - 3:30 p.m., Hinton Freight Depot, 506 Commercial Street, Hinton, WV 25951.By appointment only.
Taylor County (Individuals will be contacted if selected forappointment)
9:00 a.m. - 3:00 p.m., Taylor County Senior Citizens Center, 52 Trap Springs Road, Grafton,WV 26354. By appointment only.
Upshur County (Individualswill be contacted if selected for appointment)
9:00 a.m. - 3:30 p.m., Buckhannon-Upshur High School, 50 B-U Drive,Buckhannon, WV 26201. By appointment only.
Wayne County (Individualswill be contacted if selected for appointment)
10:00 a.m. - 2:00 p.m., Wayne County Health Department, 217 KenovaAvenue, Wayne, WV 25570. By appointment only.
Wirt County (Individuals will be contacted if selectedfor appointment)
9:00 a.m. - 5:00 p.m., Coplin Health Systems, 483 Court Street, Elizabeth, WV 26143. Byappointment only.
Thursday, March 25, 2021
Boone County (Individualswill be contacted if selected for appointment)
10:00 a.m. - 4:00 p.m.,Madison Civic Center, 261Washington Avenue, Madison, WV 25103. Byappointment only.
Braxton County (Individualswill be contacted if selected for appointment)
9:00 a.m. - 4:00 p.m. Gassaway Baptist Church, 56 Beall Drive, Gassaway, WV 26624. By appointment only.
Brooke County (Individualswill be contacted if selected for appointment)
9:00 a.m. - 3:00 p.m.,Wellsburg Fire Hall, 12th Street, Wellsburg, WV 26070. Byappointment only.
Cabell County - A (Individualswill be contacted if selected for appointment)
8:00 a.m. - 4:00 p.m., COVID-19 Vaccine Center, 100Huntington Mall Road, Barboursville, WV 25504. By appointment only.
Cabell County B (Individualswill be contacted if selected for appointment)
8:00 a.m. - 5:00 p.m., Valley Health Harbour Way, 1 Harbour Way, Milton,WV 25541. By appointment only.
Cabell County - C (Individualswill be contacted if selected for appointment)
8:00 a.m. - 4:00 p.m., St. Mary's Education Center, 28535th Avenue, Huntington, WV 25702. Byappointment only.
Calhoun County (Individuals will be contacted if selected forappointment)
9:00 a.m. - 12:00 p.m., Calhoun Middle/High School - Front Loop, 50 Underwood Circle, Mt.Zion, WV 26151. By appointment only.
Fayette County (Individuals will be contacted if selected forappointment)
9:00 a.m. - 4:00 p.m., Lewis Christian Community Center, 469 Central Avenue, Oak Hill, WV25901. By appointment only.
