COVID-19 UPDATE: USA daily cases plunge to new low 16,853 (-2,029 1D chg) but on 35% fewer tests. As US bottoms, Latam sustaining status as "global epicenter" -- time to shrink "barbell" and favor "epicenter"

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 to anyone who has interest.The "half-full" perspective gained quite a bit of traction yesterday.  The S&P 500 made a decisive close well above the key 62% retrace (2,934) and there was mostly good news on the economic front (consumer confidence, new home sales, Dallas Fed) and a new low in daily COVID-19 cases in the US as well (somewhat discounted by the 35% drop in tests).To appreciate the improvements in overall visibility (and thus, more "half-full"), it is helpful to compare what we know today compared to a month ago:A month ago (mid-April):- NYC was burning (case growth)- NY tristate is epicenter crisis + nursing homes- Risk of re-infection (Korea >450 cases) aka "no immunity"- Vaccine 12-18 months away- Second wave risk high, do not re-open- S&P 500 struggling at 50% retrace (2,794)Today:- NYC/ NY tristate cases down 90% from highs- US no longer epicenter- Korea CDC says ZERO cases of re-infection.  Looks like recovered patients are immune.- 10 vaccine candidates in clinical evaluations + 114 in pre-clinical evaluation- States...

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