E Market Briefing For Thursday, Jan. 6

  • I need not belabor these issues: INO is an investment for probably later Phase 3 testing unless FDA gets off their tail and pushes, while SRNE is likely to pop any day we find approval (if so) on their Covi-Stix EUA.
  • According to NBC News, 47 million Americans have or had COVID-19, so that's extraordinary, and more concerning again is that they 'think' after a recovery that they're immune.
  • Apparently immunity either wanes faster, or is not protective, against the new variant(s), hence the 'recovered' may be just walking time-bombs, thinking they're somehow safer than the rest of us to venture around.
  • Bottom-line: how we coordinate and navigate COVID 'is' still key to the market ahead, although very short-term ideally political aspects ebb (it is too fluid to know, and we'll see what happens with Trump's 'stability' as a significant number of White House personnel are rumored departing).

Today's trauma was not limited to the Capitol alone, as there were devices both at the Capitol, at the Democratic National Committee headquarters, and also at the Republican National Committee headquarters.

So as it evolves, the 'intent' of all this disruption is broader. Given concurrent demonstrations in Colorado, Wisconsin, even in Las Vegas, it's pretty clearly suggesting there's an organizational structure involved. One 'mob' member, in a slightly interesting remark, said, as Police ushered (rather gently) the rioters off the Capitol's steps, that 'you didn't take back the Capitol, we gave it back'.

That supports the idea that this was the first phase, not the last. As this was an insurrection, the FBI actively needs to arrest the ringleaders and right now if they can. Although the President's words tended to overlook the legalities, in a sense himself as well as others unfamiliar with the traditions and procedural laws of the United States, it is not perceived as an insurrection. But it was. So you not only find those people, but prosecute the instigators.

In-sum: it's pretty clear what the 'goal' was on the Capitol assault today, or at least that has been inferred (although I ponder if 'the protests' actually thought they would get into the Capitol: to capture or burn the 'actual' Electoral Votes in the 2 mahogany boxes that were rescued by staffers as they evacuated).

Throughout history when we need unity and calm, our leaders come forth met the moment, rather than agitated or rationalized mostly on his own behalf. It's pathetic and what's amazing (as we have rarely seen) was the benign way the U.S. stock market stoically reacted, which was to hold a majority of gains. For sure we'll return to normal market coverage as soon as conditions allow, as at least for the moment stocks are holding together incredibly well considering.

Bottom-line: citizens have a duty to check their outrage shy of 'very' extreme, contrary to what some have said 'as if' doing so would challenge civil liberties. And leaders have a duty to ponder but not falsely inflame passions. And yes, the S&P is still at high levels and somewhat bolstered by spending prospects while overlooking the prospect of a Fed tapering evolving within a year.

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