Hi, welcome to the Real Vision daily briefing. It's December 7th, 2021. I'm Maggie Lake,

here with Tony Greer, editor of the Morning Navigator. And we have a lot to talk about, right?

A quick snapshot of the action in the U.S. session. Risk assets were back in favor today in a big

way during the U.S. trading session stocks, racked up another strong day of gains. NASDAQ, I think

best day since March, S&P 500 back near, if not at, it's all time high. Russell up 3%.

We also saw Bitcoin briefly back above 51,000. I'm not sure if it manages to stay there. We'll have

to see as it settles. And all about 4%. Tony, there's a lot going on in this market. What did you make of

the action? Something beautiful, isn't it, Maggie? You know what I mean? You know, we came back from

Thanksgiving with a completely different narrative to contend with. We had, you know, a new variant

of the coronavirus that the media was taking very seriously. We ran into some slippage in the

markets because of that. And then we ran into Jerome Powell's statements last week, which were

clearly along the lines of being a vocal hawk. And I think that that's what his attitude is

going to take on since his second Biden nomination, as that seems to be something that has been

prevalent. As soon as he's come out of the second nomination, he's been making a lot of comments

about inflation. So naturally, the market is going to perceive that as something a little bit

scary, a little bit tighter than usual. And it's going to come under pressure. But what I feel like

we're seeing is a couple of things, you know, for me last week was sort of the diminishing return

on the new variant scare. Alongside, you know, the selling that we saw last week, I'm a big

purveyor of the tick index. And we saw four tick index extremes of diminishing magnitude as the

week went on. So I'm counting the first one was minus 1800 on Thanksgiving Friday when there was

a big sell off in stocks. Then we got three readings last week that were minus 1700, minus 16,

75, and minus 1500. So there was a lot of selling going on just with less and less intensity.

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