Weekly Market Commentary - January 27, 2021

An Oxford Harriman & Company Commentary

Stocks rallied to record highs last week amid a peaceful transition between incoming and outgoing presidential administrations, despite the fear for more unrest.

Now that Biden is in office, investors are refocusing on stimulus-driven growth expectations and Yellen’s Fed to act big on more coronavirus relief and continued low interest rates.

However, meaningful delays and uncertainty relating to the timing of the stimulus promises by the Democrats may cause concern in the short-term. We believe the markets continued to be priced to perfection and that any unexpected surprises have the potential to immediately stop this rally.

We are watching for any talk about potential tax hikes this year. We believe the markets will get concerned about tax hikes and will be following this closely, especially as Bernie Sanders becomes chair of the Senate Finance Committee.

We plan on releasing our Fourth Quarter Commentary later this week including some thoughts for 2021.

Thanks, and enjoy your week.

Warm regards,

Dennis P. Barba, Jr.

President & Managing Partner

CAR-0121-03082

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