Written by Gary
Existing home sales second month of significant sales gain (SPY +0.4%). Invest in tech indexes, but hedge your bets with fine wine and stamps.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | WHO warns coronavirus vaccine alone won’t end pandemic: ‘We cannot go back to the way things were’World leaders and the public must learn to manage the virus and make permanent adjustments to their daily lives to bring the virus down to low levels, the WHO said. |
| As blazes spread, Covid-19 in California prisons hits crucial inmate firefighting forceAs deadly fires spread through California, first responders lack a crucial part of their emergency response team: prison inmate firefighters. |
| CDC says U.S. could control coronavirus in 12 weeks if most Americans wear masks, social distanceAt least 90% of Americans need to wear masks, social distance and wash hands regularly, the head of the CDC said. |
| Ex-Navy SEAL in bin Laden raid is banned by Delta for refusing to wear maskA former Navy SEAL who said he shot Osama bin Laden is reportedly one of about 130 people banned by Delta Air Lines for failing to wear a mask on a flight. |
| Largest U.S. hospital owner accused in lawsuit of endangering staff during coronavirus pandemicThe suit alleges that HCA-owned Southern California’s Riverside Community Hospital failed to provide workers with adequate protective equipment. |
| Struggling retailers rush to file for bankruptcy as fears of a second wave of coronavirus lingerAnother round of retail bankruptcies and liquidations could be coming if a second wave of infections run smack into the holiday shopping season. |
| CDC Director Dr. Redfield pointed to Rhode Island’s coronavirus restrictions in daycares as a ‘path’ to reopen schools“So I think this is an inspiring article to tell individuals that there is a path where one can use or partner with their public health authorities and safely get these childcare programs reopened,” CDC director Dr. Robert Redfield said. |
| Movie theaters reopen this weekend, but it’s unclear if audiences will returnEven with stringent safety protocols and new film releases, moviegoers may be hesitant to return to cinemas. |
| U.S. will have third act of coronavirus and it will likely be ‘more pervasive,’ Dr. Scott Gottlieb says“Really, an outbreak can happen anywhere,” former Food and Drug Administration Commissioner Dr. Scott Gottlieb said. |
| Delta will keep blocking some aircraft seats through early January to calm travelers nervous about virusDelta is extending limits on aircraft capacity through early January, an effort to put more travelers at ease during the pandemic. |
| Massachusetts requires most students to get flu vaccine to ease burden on health system during pandemicFewer than half of American adults, and about 60% of kids, typically get the flu shot each year, CDC data shows. |
| Raging fires, a heat wave and coronavirus: California battles several crisesThe LNU Lightning Complex Fire in California had burned more than124,000 acres and was 0% contained as of Thursday morning. |
| Value-Rotation ‘Cancelled’ – Small Caps Slammed As Mega-Tech Meltup AcceleratesValue-Rotation ‘Cancelled’ – Small Caps Slammed As Mega-Tech Meltup Accelerates Tyler Durden Fri, 08/21/2020 – 16:00 After a brief moment in sanity (perhaps) that saw headlines proclaiming a “value rotation” was about to begin, growth stocks have been panic bid for 8 straight days… |
| ‘Does Your Wife Know About Your Girlfriends?’: House Ethics Comm. Admonishes Rep. Gaetz Over Michael Cohen Slam‘Does Your Wife Know About Your Girlfriends?’: House Ethics Comm. Admonishes Rep. Gaetz Over Michael Cohen Slam Tyler Durden Fri, 08/21/2020 – 15:50 Rep. Matt Gaetz (R-FL) was admonished by the House Ethics Committee on Friday after finding that his tweet to former Trump lawyer Michael Cohen about infidelity “did not violate witness tampering and obstruction of Congress laws,” but did not “reflect creditably” upon the House. |
| Broyhill Warns The First Half Of A “W” Looks A Lot Like A “V”…Broyhill Warns The First Half Of A “W” Looks A Lot Like A “V”… Tyler Durden Fri, 08/21/2020 – 15:30 Excerpted from Broyhill Asset Management’s latest letter to investors,
If you had slept through the first six months of the year, only to open your statements in June, it might seem as if you hadn’t missed much. Major market indices ended the first half of the year not far from where they started. But the path to get there was anything but normal. Markets cycled through all five phases of a bubble outlined by Charles Kindleberger’s classic, History of Financial Crises ” displacement, boom, euphoria, distress, and panic ” in a matter of days rather than years. The S&P lost a third of its value over the course of a few weeks during the first quarter ” the quickest such loss since 1933 ” only to post its largest quarterly gain since 1998 in the second quarter. Market Commentary The first half of a œW looks an awful lot like a œV . . . Markets are at all-time highs. And yet, investors are le … |
| “Wake Up Motherf**ker, Wake Up!” BLM Idles Through Portland Neighborhood With Bullhorn“Wake Up Motherf**ker, Wake Up!” BLM Idles Through Portland Neighborhood With Bullhorn Tyler Durden Fri, 08/21/2020 – 15:25 Residents of an upscale Portland neighborhood were treated to some late night entertainment on Thursday, as roughly 100 protesters idled down the street blaring a truck horn and chanting “Wake up motherfucker, wake up!” through a bullhorn.
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| Coronavirus forces STA Travel out of businessThe firm which focused on the youth tourism market has 50 outlets in the UK. |
| UK government spending on virus measures pushes debt to £2 trillionPublic debt levels soar as spending on coronavirus measures forces the government to borrow more money. |
| US wins end of EU lobster tariffs in mini trade dealTrade officials said the move to roll back some tariffs was part of “improving EU-US relations”. |
| Rajiv Kumar appointed new Election CommissionerRajiv Kumar appointed new Election CommissionerRajiv Kumar will replace Ashok Lavasa on August 31, the Law Ministry mentioned in a notification today. On August 18, Ashok Lavasa had resigned from his post of EC. Lavasa would join the Asian Development Bank (ADB) next month as a vice-president. |
| Tender for 44 semi-high speed trains cancelledTender for 44 semi-high speed trains cancelledThe move comes after Chinese state owned company CRRC Corporation bid for the tender last month. BHEL and Medha Engineering were among other players who had bid for the project. |
| WHO hopes pandemic ends in two yearsWHO hopes pandemic ends in two years”We hope to finish this pandemic (in) less than two years, especially if we can pool our efforts,” he said during a press briefing on Friday. |
| 14 August 2020 ECRI’s WLI Improvement Continues Is Nearing Expansion
ECRI’s WLI Growth Index which forecasts economic growth six months forward improved but remains in contraction. ECRI also released their coincident and lagging indices this week. |
| July 2020 Headline Existing Home Sales Second Month Of Significant Sales Gain
The headline existing home sales improved relative to last month with the NAR stating “current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”. |
| : Invest in tech indexes, but hedge your bets with fine wine and stamps, says this strategistTech companies will grow exponentially for the next two decades, far outpacing other investments, strategic advisory firm Aquaa Partners said on Friday. |
| These 14 states will offer $300 extra in unemployment benefits ” 11 voted for Trump in 2016 and 2 are swing statesAn executive order President Donald Trump signed Aug. 8 calls for distributing an additional $300 in weekly unemployment benefits from a $44 billion fund set aside for disaster relief. |
| : Some of Europe’s biggest travel companies are leaving consumers covering the cost of coronavirus ” holding on to cash while handing out credit notesEuropean regulators ruled earlier this year that travel companies must offer customers cash refunds, rather than vouchers, for trips canceled because of coronavirus. |
Written by Steven Hansen
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