The darlings of Covid are NASDAQ-100 Index (QQQ) and US Investment Grade credit (LQD). Add in lower real interest rates supporting higher gold (GLD) prices, and it is easier to see what assets are benefiting the most from the visible hand of the Federal Reserve.
For example, an equal-weighted basket of QQQ + LQD + GLD is outperforming SPY by ~17.76% YTD. Since July 20th, the relative outperformance has increased by 2.75%.
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