Market volatility increased in late January and while the market's attention in recent days has been on GameStop's "short squeeze," we have continued to have favorable news flow pointing to recent corrections that would continue to present buying opportunities for 2021:

• Vaccine programs show promise. Pfizer could deliver 200 million more doses in the U.S. sooner than expected while Johnson & Johnson and Novavax released positive results from their trials, which should help boost supply. New COVID case counts and hospitalizations are dropping dramatically in the U.S., and there are early results suggesting that the vaccines are already making a difference.
• Policymakers continue to provide plenty of support. The Federal Reserve once again reiterated its commitment to support the post-Pandemic economic recovery and Congressional leaders are negotiating the next phase of fiscal stimulus.
• And the widespread earnings recovery expected throughout this year appears to be well underway based on the results of the 4Q20 earnings season. The world's largest companies have reported stellar earnings. Apple had its most profitable quarter in history, Microsoft, Facebook, Amazon posted record revenues and Tesla had its first annual profit in 2020. Most of the S&P 500 companies have beaten consensus expectations.
• Financial conditions remain fairly accommodative, inflation is stable and liquidity remains abundant.