E Market Briefing For Tuesday, June 9

The 'Fed crutch' - might be a less patronizing way for Wall Street to describe a few months of incredible ease and funding, that (among other assists), helped a beleaguered stock market recovery, just as projected specifically on March 23rd amid 'max-fear' as I termed the panic capitulation that was ongoing. 

Executive Summary:  

  • Full-year recovery for S&P; longest win-streak in 2 years, and thank you.
  • All-time highs for NASDAQ, with interest broadening-out as desired.
  • The 'tale of two markets' (big-cap techs and small stocks) were the core chemistry that made this advance possible and the extension.
  • Proponents of civic egalitarianism are referencing it economically, and that can having market impact later, 'if' the movement is viewed as a political power, rather than legitimate effort to unite the nation from long division.
  • The jobs report most continue to 'pretend' was so favorable (we wish it were that great), might inhibit the Fed's FOMC statement Wednesday, 'if' the Fed decides to 'clarify' the BLS error, as I did Friday before the media put a political spin on it.
  • I noted (for-instance) and CBS also noted it as an error on '60 Minutes' Sunday night (we're right it just means people ran with the error and of course that helped the market too, and nobody wants to undo it.
  • Shares in Cathay Pacific, Swire and Air China have been suspended from trading pending announcement (probably restructuring).
  • UK launches new 14-day quarantine; further hobbling international travel.
  • Concurrently PM Johnson announces new 'easing/openings' in the UK.
  • North Korea has cut communication lines with South Korea, no reason given.
  • By the way I do expect some calming of U.S./China tensions, we cannot at this point break-off supply chain relationships to the extent desired.
  • WHO says symptomatic COVID-19 spread is 'very rare', which contradicts everything that precedes, so we'll see.
  • A Los Angeles Doctor speaks to a Netherlands study of small child to adult COVID-19 spread, but that too needs confirmation as contradicts most work.
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