E Market Briefing For Thursday, Oct.22

There's no debating it - the market, or mostly the S&P, remains 'heavy', tries to bounce on revolving news about Stimulus, and then returns to jitters that to a sense might be tied to newly-generated questions of election interference by both Iran and Russia, that the FBI is looking into. Regardless, there's no change in our general defensive view of the S&P's precarious posturing.

Executive summary:

  • Stimulus remains the pivot-wheel for intraday trading, while Republicans failed to Approve the smaller package that had been brought to a vote.
  • Pelosi tells reporters this evening that she remains optimistic about the larger bill, and that conversations with Mnuchin were constructive.
  • Politics remain at the forefront, with the next and last Debate Thursday, and one can only wish the focus would be actual proposals, I suspect Biden will want to talk about COVID and Trump about 'no new taxes'.
  • There's talk of President Trump proposing a Middle Class 'tax cut' next year, I suppose tomorrow would be a good time outline that to us all.
  • The hyper-charged threats against candidates are worrisome regarding the aftermath of the Elections, though we'd hope sanity will prevail.
  • One battle may be calming, the EU & UK agreed to reopen Brexit talks, to what extend and to what end remains unclear.
  • After the Bell, earnings reports continue: Chipoltle (CMG) beat numbers, digital sales (half of revenue) tripled, and yet the shares dropped sharply.
  • Tesla (TSLA) made numbers and rallied, and analysts keep addressing Tesla's perceived leadership in autonomous driving, we suspect that overlooks a couple of key competitive systems that are coming-online soon.
  • Among 'autonomous' competitors will be Luminar and Velodyne, and we believe LightPath (LPTH) provides visible & infrared lenses to at least one.
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