E Market Briefing For Monday, July 27

Crushing the virus is sadly going to be harder than keeping the Bears at bay in an extended 'super-cap' market, as the S&P consolidates 'reasonably', while Covid-19 is not just a moving target, but the fiasco surrounding 'testing' has crippled the ability to do useful 'timely contact tracing'.  

Hence data-delays I talked about yesterday, also delay awareness of people running around shedding viral particles typically without knowledge they are carriers. That's a reason for six months I've warned that 'ignorance is bliss, until it isn't' as I don't grasp the insanity of not just the no-mask-wearing crowd, but regardless of false positives (an inexcusable failure more of the companies making the tests than Government; of course unless FDA approved those tests without proper evaluation) .. the crowd that attempts to deny the seriousness of this when hospitalizations are rising.

That's of course irrespective of the distorted basic test numbers, or lower positivity as we gradually see more mask-wearing; but the lag time has more getting sick now. It's also realistic that the 'wide-open' schooling idea probably works in some places; but there may be untested large numbers of untested kids that will become spreaders as the Fall arrives; just in time to bump-into the early stage of early influenza season. 

Without debating the politics (this increasingly is finally more bipartisan but it took the loss of many and suffering of others to get to this point); the stock market and overall economy (which have been separated as suspected due to both the Fed 'Put' and of course the stimulus and Unemployment sustenance); which will have struggles over the near-to-intermediate term, regardless of Congressional stimulus.  

That means we get to a point; maybe preliminary now but probably a preview so far of what can happen again. As you separate technology that's not overpriced, and of course those therapeutic biotechs beyond the major pharma players, that possibly thrive ... you return to a mixed bifurcated market where many small stocks are a bet on who catches the 'brass ring' of financial support, unless what they offer is unique, which is not the case for many 'just another' knock-off vaccine maker following what are considered 'tried-and-true' traditional vaccine design methods.  

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