E Market Briefing For Monday, Aug. 2

Whether 'stocks are overpriced' or not - seems to be a big question; aside clear concerns (which we've consistently voiced) about Covid's resurgence as the primary determinant of near-term market movements; Fed policy restraint; as well as people retrenching a bit from the recent spending extravaganzas.

'Stocks' are not particularly overpriced; though the NDX and S&P are on their own right. Hence the core of our argument for shakeouts and perhaps now a much deserved correction in 'such' areas; while the already-downtrodden just snagnate, erode a bit, or even rally where they have unique fundamentals (or especially where they have applicability to resolving the Covid dilemma).

Executive summary:

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William K. 1 month ago Member's comment

My guess is that the appearance and rapid spread of new variations of the virus is the result of more experiments by the Chinese army, or special defense group. Proving that they CAN rule the world should be an effective way to assure that all negotiations go in their favor. But do not panic until the truth is revealed, whatever it may be. Then say farewell to all your wealth, it will be tax time.