Stocks closed mostly lower on Friday with only the Dow eking out a small gain. But again, the small-cap Russell 2000 was up for the week, making it 6 weeks in row of weekly gains.

I point this out because ever since last month's upside breakout in the Russell 2000, we've been touting what a bullish signal it is when the small-caps lead the way. And their continued outperformance suggests even bigger moves ahead.

As has been the case for the last few weeks, vaccines and stimulus dominated the news.

And the vaccine news only got better with Friday night's official FDA approval for emergency use authorization for Pfizer/BioNTech's COVID-19 vaccine. Trucks began transporting the vaccine on Sunday. And the first shots will be given today. With the UK having given authorization earlier last week, the race to end the global pandemic through vaccination has begun.

Approval for other vaccinations are expected soon which will increase the availability and distribution of vaccines around the world.

This is historic and it marks the beginning for the world's transition back to normal. It won't happen overnight. It will take time. But it has begun. And it's a bright light at the end of the tunnel.

There's been less to cheer about regarding stimulus talks. Congress is still bickering amongst themselves. But there's still optimism that something will get done this year as pressure mounts on both parties to stop trying to score political points and do something for the people and businesses that are suffering.

In the meantime, the economy, in spite of the increase in virus cases and subsequent restrictions put in place to combat the spread, continues to recover.

We will get further looks at the economy this week starting with tomorrow's Empire State Manufacturing Index, and Industrial Production report. On Wednesday we'll get MBA Mortgage Applications, the Housing Market Index, Retail Sales numbers, and Business Inventories. We'll also hear from the Fed. After the ECB last week provided more monetary stimulus in support of the European economy, it will be interesting to see if the Fed does the same here in the states.

On the docket for Thursday are Weekly Jobless Claims, Housing Starts and Permits, the Philadelphia Fed Manufacturing Index, and the Kansas City Fed Manufacturing Index. And finally, on Friday, we'll get the Leading Indicators report.

Stocks remain near their all-time highs. And they appear poised to move higher on any kind of good news.

See you tomorrow,