Jurrien Timmer, Director of Global Macro, notes that the number of hospital beds in the U.S. occupied by COVID-19 patients has fallen from around 20% to less than 11% in less than a month, and one in eight people are now vaccinated, marking a dramatic improvement. Jurrien notes that small caps have been on fire for several months. Value is still lagging behind growth, but both are moving in the same direction. Emerging markets are outperforming the S&P 500 Index by 12% on a year-over-year basis, and earnings are recovering faster in emerging markets than in any other region in the world. Jurrien calls it an “all systems go” type of market that we are currently seeing. Follow along with Jurrien’s charts @TimmerFidelity on Twitter.

Recorded on February 16, 2021.