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COVID-19 UPDATE: Washington impasse on $2,000 checks takes wind out of stocks... Small-caps likely rally this week

Click HERE to access the FSInsight COVID-19 Daily Chartbook.


For this week, we are going to be publishing on a shortened holiday schedule:

Week of 12/27...
Monday 12/28
Tuesday 12/29
Wednesday 12/30

STRATEGY: Washington impasse on $2,000 checks causes profit taking
Stocks stalled today, in part, to the Senate impasse on the $2,000 stimulus checks.  The House had passed, by unanimous consent, this larger payment, but the Senate Majority Leader, McConnell, wants to take up the three issues simultaneously: (i) stimulus checks, (ii) election fraud and (iii) section 230 protecting Technology cos from liability.  And of course, Congress is running against the clock given the fast approaching year-end and recess.  

Source: Bloomberg

Trends in COVID-19 are still largely improving with the hotspots remaining along the coastlines and the Northeast (winter).  And the positivity rates are holding flat, but the true trend case numbers remain somewhat hard to discern given the holiday closures.  In fact, Texas reported a +10,000 increase in cases (see Point #2), but this is due to many counties reporting 3-4 days worth of cases on Tuesday.

Source: COVID-19 Tracking ProjectUK vari...

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