1. How Much Positive News is Priced into Clean Power?
PBW Clean Energy ETF -$25 to $131
Topley’s Top 10 – January 22, 2021
1. Key Biden executive actions
| SUBJECT | TYPE OF ACTION | DATE |
| Re-engage with World Health Organization | End withdrawal process | Jan. 20 |
| Create position of COVID-19 response coordinator | Executive order | Jan. 20 |
| Rejoin Paris climate agreement | Sign an “instrument” | Jan. 20 |
| Revoke permit for Keystone XL pipeline, pause energy leasing in ANWR | Executive order | Jan. 20 |
| Ask agencies to extend eviction/foreclosure moratoriums | Request | Jan. 20 |
| Ask Education Dept. to extend student-loan pause | Request | Jan. 20 |
| Launch an initiative to advance racial equity, end “1776 Commission” | Executive order | Jan. 20 |
| Revoke order that aims to exclude undocumented immigrants from census | Executive order | Jan. 20 |
| Preserve/fortify DACA, which helps “Dreamers” | Memorandum | Jan. 20 |
| Require masks/distancing on all federal property and by federal workers | Executive order | Jan. 20 |
| Reverse travel ban targeting primarily Muslim countries | Executive order | Jan. 20 |
| Stop construction of border wall | Proclamation | Jan. 20 |
| Combat discrimination on the basis of sexual orientation, gender identity | Executive order | Jan. 20 |
| Require ethics pledge for executive-branch personnel | Executive order | Jan. 20 |
| Modernize and improve regulatory review | Memorandum | Jan. 20 |
| End “harsh and extreme immigration enforcement” | Executive order | Jan. 20 |
| Extend protection from deportation for Liberians in U.S. | Memorandum | Jan. 20 |
| Revoke certain executive orders concerning federal regulation | Executive order | Jan. 20 |
| Freeze any new or pending regulations | Memorandum | Jan. 20 |
| Fill supply shortfalls in fight vs. COVID-19 with Defense Production Act, other measures | Executive order | Expected Jan. 21 |
| Increase FEMA reimbursement to states for National Guard, PPE | Memorandum | Expected Jan. 21 |
| Establish “COVID-19 Pandemic Testing Board,” expand testing | Executive order | Expected Jan. 21 |
| Bolster access to COVID-19 treatments and clinical care | Executive order | Expected Jan. 21 |
| Improve collection/analysis of COVID-related data | Executive order | Expected Jan. 21 |
| Mount vaccination campaign amid goals such as 100 million shots in 100 days | Directives | Expected Jan. 21 |
| Provide guidance on safely reopening schools | Executive order | Expected Jan. 21 |
| OSHA guidance for keeping workers safe from COVID-19 | Executive order | Expected Jan. 21 |
| Require face masks at airports, other modes of transportation | Executive order | Expected Jan. 21 |
| Establish a “COVID-19 Health Equity Task Force” | Executive order | Expected Jan. 21 |
| Support international response to COVID-19, “restore U.S. global leadership” | Directive | Expected Jan. 21 |
Topley’s Top 10 – January 21, 2021
1. It’s Not 1999 Yet.
Nick Maggiulli—Of Dollars and Data Blog
Markets often rhyme but rarely repeat
With the many eye-popping valuations of various technology IPOs in 2020, it can feel a bit reminiscent of 1999. And while stock prices might be high, 2020 is no 1999. Just take a look at the growth in the NASDAQ from 1995-1999 compared to 2016-2020 and you will see that it’s night and day:
This chart illustrates that there is a big difference between “bubble” and “BUBBLE.” As my colleague Michael Batnick recently argued:
I don’t think the stock market is in a bubble, but it’s surrounded by them.
Though we aren’t in 1999, some investors definitely are. Markets often rhyme but rarely repeat.
Topley’s Top 10 – January 19, 2020
1. Small Trader Call Buying Exceeded 9% of Total NYSE Volume Last Week
SentimentTrader didn’t think traders could get any more speculative than they were at the end of August. “We were wrong – For the first time, small trader call buying (adjusted for equivalent shares) exceeded 9% of total NYSE volume last week”
From Dave Lutz at Jones Trading
Topley’s Top 10 – January 19, 2020
1. Shipping Prices Huge Spike
A headwind for the global economy: Shipping goods gets prices amid higher demand and a shrinking pool of empty boxes. Costly containers adding to general supply chain shocks due to pandemic, threatening to stifle already weakened globalization, BBG reports.
