(COVID-19 remains a global crisis and we realize that many people need to keep up with COVID-19 developments, particularly since we are moving into the more critical stage ("restart economy"), so feel free to share our commentary with anyone who has interest.)

Uncertainty about the path of COVID-19 worsened this week, as US overall cases rose to new highs and US deaths seemed to "step-up" to 800 per day (past 3 days) vs 500 or so a week ago. And the path of COVID-19 in the US has departed from Western Europe and Asia, both other regions seeing cases generally fall.

But these are not all entirely negative developments. Many states have taken significant actions, including mandating masks and thus, this surge is not growing without action. But I also cannot escape our general view that this surge has 3 factors: (i) nationwide protests created 10000X super spreader events; (ii) significant imported cases from Mexico and Latin America, explaining the surge in FL, CA, AZ, TX (or F-CAT) and the Southern States, generally and (iii) lax compliance with PPE, mitigation (etc.).

And on top of that, equity markets do not like "contested/close" elections. So, the tightening of the Presidential race is further fueling market hesitation. So there are just more building blocks for a wa...

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Macro subscription is required in order to access this content.

*Free trial available only on a monthly plan

More from the author

Disclosures (show)

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 2/2

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 2 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In

Don't Miss Out
First Month Free