E Market Briefing For Thursday, May 28

Lofting into orbit - might be easier for the S&P than for Space-X just now. If you think back, that was an analogy I used back in 2016, where it would be 'to the Moon' for the S&P 'if' Trump won, whether you liked him or not... you simply had to be 'in' the market because business liked lower taxes etc., capital repatriation, and for lots of folks, taking on China with trade.  

Now it's just a bit different, although I've outlined how the Senior Index could make all time highs ahead of elections 'if' a couple of things happen. Those relate to medical progress (the most important with treatment need greater than a promising vaccine at the moment), and 'slower forbearance requests' in the financial arena.  

As to Space-X, that's likely either Saturday or Sunday now that the launch was scrubbed due to the same severe storm that passed over me earlier. I believe Elon will stick around and both Trump & Pence will be at the Cape for the main event this weekend. And by the way the 'Dragon Capsule will orbit and dock with the ISS, the S&P will likely have this ride but not dock into any sort of permanent orbit, but we continue 'not' to expect the S&P to return all the way to Earth, and that's an optimistic scenario I've held to since the 'Inger Bottom' (as I termed the March 22-23 max-fear panic low).  

As I suggested earlier even the modest improvement in oil (OIL) demand (China is part of that) hints at survival of lots of smaller oil companies or others that are depending on banking finance (usually funded against crude production payments), so those oils may avoid defaults, hence for now at last avoid of course risk of become totally nonperforming loans. That helps Banks too. (NYA)

Combine the foregoing and you have 'components' beyond the FANG types of super-caps, which is what you needed to extend the forecast advance off the March lows further. (As an aside I got a kick out of seeing what became a flat-out shouting match between Kernan and Sorken on CNBC early Wednesday and actually I wish that's what we had on all media instead of being agenda driven. Today Sauter, a former President of CBS News, bemoaned what has happened to news media, and thinks the biased talking heads should simply acknowledge they or their networks have a bias or agenda, so citizens know they're not watching 'real' news channels.) It's all sad, as I have contended for so many years that actual news and editorial comment be separated. (COMP)

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