Equities continued their back-and-forth action on Wednesday with the markets rebounding more than 1.5% at the high of the day. The bad news is that those highs failed to hold and price action was ultimately bearish. The rise of the new OMICRON COVID variant has thrown a new twist into the earnings outlook and it is not a good one. With supply chains already struggling from the last series of economic shutdowns, any disruption could be the one to bring the entire system to a halt.

On the economic front, the ADP Employment report came in better than expected but was offset by a downward revision to the previous month. Regardless, the ADP figure is in line with the expectation for Friday?s NFP report and a welcome sign of strength. The market may correct but, if it does, it will be a buying opportunity for long-term investors.