STOCKS SURGE ON VACCINE OPTIMISM -- MAJOR INDEXES NEAR TEST OF RECENT HIGHS -- SMALL STOCKS SURGE AS WELL -- CONSUMER CYCLICALS CLEAR 200-DAY LINE -- MODERNA SURGES ON VACCINE NEWS

STOCKS SURGE ON VACCINE OPTIMISM... A report that a vaccine developed by Moderna  is showing positive results helped push stocks sharply higher today.  Charts 1 and 2 show the Dow Industrials and S&P 500 gapping higher and in position to test their recent highs.  The SPX may also be headed for a test of its 200-day line.  Chart 3 shows the Nasdaq Composite gapping higher as well.  Smaller stocks are having an even stronger day.  Chart 4 shows the Russell 2000 iShares (IWM) jumping more than 5%.  All eleven market sectors are in the green with the biggest gains in energy, industrials, materials, and consumer cyclicals.  Chart 5 shows the Consumer Discretionary SPDR (XLY) trading above its 200-day line.  Chart 6 Moderna (MRNA) trading sharply higher on the positive vaccine news.