Overall, the trends in COVID-19 data did not materially worsen over the weekend.  Daily cases came in at 62,000, flat with last week (it was >73,000 Friday).  Daily deaths have started to flatten and even comparing daily deaths vs 7D ago, it looks flat.  And hospitalization data did not materially surge over the weekend.  In fact, the number of net hospitalized patients (18 states) was down in each of the past 2 days. And gross admissions to hospitals (33 states) were down as well.

- It is too early to be certain, but this 4-week surge in daily cases seems to be flattening, particularly in the 4 hardest-hit states, FL, CA, AZ, TX or F-CAT.

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STRATEGY: JPMorgan survey shows both Retail and Institutional Investors cautiously positioned...There is no such thing as a "triple top"...The S&P 500 stalled this past week at 3,233.  It touched that level on Wednesday and was repelled and then on Friday, it reached 3,233 again and was repelled.  This level is key because it marked the intraday high on 6/8/2020 (3,233.13).  See how this level is acting as a ceiling?- Our sage head of Technical Strategy, Rob Sluymer, once said "there is no such thing as a triple top"- Meaning, the longer we bump up against 3,233, the greater the odds this will fa...

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