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COVID-19 UPDATE: Start of the final month of 3Q2020. COVID-19 receding as positivity rate falls to 4.3%... new cycle low

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FYI, we will be following a shortened publication schedule this week:- Tuesday morning- Wednesday morning- Thursday morning (9/3)- Friday morning (9/4) NO REPORTWeekend- Monday morning (9/7) NO REPORT- Tuesday morning (9/8)STRATEGY: Start of the final month of 3Q2020The case data for Monday was overall positive as daily cases came in at 31,108, a new cycle low and down 1,500 vs 7D ago.  It would have been better except for 1,100 cases reported by Tennessee attributable largely due to a prison outbreak, and the test positivity rate is 4.3% and near cycle low. We will write more extensively Tuesday night about how we see case evaluation evolving ---> a case is not a case --> good- But the 4 epicenter states, FL, CA, AZ, TX, or F-CAT are seeing cases still collapse (AZ has the slowest case growth in the USA now)- NY tristate is under control and remains so- so the back to school surge is happening in states with low case prevalenceGiven stocks have been strong in the first two months of 3Q2020 and now strong for all of 2020, we think there could be a FOMO rather than a "slope of hope" as cash balances remain elevated with nearly $4.7T of cash on the sidelines.  And in the final month of 3Q2020, investors would...

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