E Market Briefing For Tuesday, Oct. 6

Executive summary:

  • The President's status remains debatable given he's on the steroid treatment, we have no idea about Trump's cognitive functions related to his decision to return to The White House this evening, even though it 'might' speak well, more to his zeal for getting back on the campaign trail, than concern for everyone around him.
  • With all due respect, and so many staff and Republicans already under siege, or claiming there's 'hysteria' around this, it's hard to emotionally rationalize this while certainly glad to see him getting better.
  • Several strong supporters of the President, are, to put it mildly, aghast at today's basically self-discharge, while as you know I hoped he'd be well by late Monday (especially as that tends to support the benefit of 'antibody' therapy), but steroids can also induce both delusional thinking and a temporary 'high', so who knows.
  • Meanwhile it's all surreal and not a political statement to say that The President is a 'super-spreader', that's from an observation ascribed to doctors acquiescing to his desire while they 'said' they are cautiously optimistic about his prognosis (we are optimistic too, however mostly everyone feels this is premature), so given the stock market rally was assisted by his decision, he needs to actually do well.
  • The President has not had a negative test (not possible this soon), the outbreak at the White House is continuing, making day-to-day challenges running America tough, notice his personal physician referred to 'getting through to next Monday' before breathing a 'deep sigh of relief'.
  • Any indication that he has to return to Walter Reed might briefly shake markets, unless of course he is 'cured' by virtue of the hoped-for speed of antibody drugs, meanwhile the next few days will be very tricky and not just political theatrics, he is ambulatory, showing physical strength, that's great and hopefully sustainable.
  • As recovery is ahead, not behind, true stabilized health can't occur this fast, even with effective antibodies, although if by 'miracle' it does, generally the best claim I heard about Sorrento's (SRNE) is 4-5 days, then get a negative COVID test a week or so later, confirm with a second test days later, so this is 'warp speed' to be sure.
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William K. 1 month ago Member's comment

About the president: The virus affects some far more than others, and those in less wonderful financial conditions often fare far worse. Likewise those who receive less than the maximum possible medical attention. So the statement that it was not so bad is totally a fool's bleating, and about the dumbest possible utterance that could be made.

Meanwhile, life in the rest of the world continues while nature and unrest work on their next challenge.