The dollar spiked early in the pandemic, as global investors flocked to the security of assets denominated in greenbacks. Indeed, the dollar last year surpassed cycle highs set initially in 2001-2002 and then again in late 2016. But since peaking in April 2020, the greenback initially declined and more recently has ticked higher -- but remains well below its peak. Currently, on a real trade-weighted basis, the dollar is 10% above the average valuation over the past 20 years, but down from a 17% overvaluation at that April peak. The fully valued U.S. currency reflects several factors, but primarily the relative strength of the U.S. economy and global investor confidence in the U.S. Federal Reserve and Department of Treasury as the world economy recovers from COVID-19. Looking ahead, we anticipate a trading range around current levels for the greenback for the balance this year and into 1H22. That's because we think U.S. GDP will start to cool from the white-hot rates of 1H21. While Congress has been aggressive with fiscal stimulus and it looks like there is more to come, at some point, traders may become wary of the high level of U.S. debt relative to GDP. Lastly, the lofty current valuation of the greenback implies that other currencies -- and even gold or other commodities -- are possibly undervalued, and traders can be expected to bid up those values over time.

After September's nearly 5% decline, the S&P 500 is off to the races in October. From a sector perspective, early fourth-quarter leadership remains with the year's winners. Energy is out in front, with a 9% gain in just two weeks of 4Q21 trading; that has pushed the sector's market-leading annual gain past 53%. There's a long climb back for Energy, which fell 40% in 2020.

The stock market moved higher last week as earnings season kicked off. Tech stocks outperformed blue chips, though both performed well. During Friday's session, the Dow Jones Industrial Average increased 382 points, or 1.09%. The S&P 500 was up 0.75%, and the Nasdaq Composite was up 0.50%. For the week, the DJIA was up 549 points, or 1.58%, the S&P 500 was up 1.82%, and the Nasdaq Composite was up 2.18%. Year-to-date, the DJIA is up 15.32%, the S&P 500 is up 19.04%, and the Nasdaq Composite is up 15.59%.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

This pick list highlights constituents of the Morningstar US Large Cap Index that we believe offer investors the best risk-adjusted return prospects. Stocks of large-cap companies where neither growth nor value characteristics predominate. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.

The Vickers Top Insider Picks is a daily report that utilizes a proprietary algorithm to identify 25 companies with compelling insider purchase histories based on transactions over the past three months.