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COVID-19 UPDATE: Good weekend of data as US new cases collapse to 27,178, below 30,000 a HUGE milestone. Violence of action on "epicenter"

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Overall, this was a very good past few days for COVID-19 data.  The new daily COVID-19 cases Monday fell to 27,178, the first sub-30,000 figure in 3 months and on the heels of many counties showing widespread improvement -- 44% of US counties (based on 7D avg) now see daily cases 75% off their highs.  This is the highest reading since the pandemic started and higher than the 42% last week.Of course, Labor Day weekend is also a test of the path of the virus.  With back to school and many social gatherings, policymakers worry about a new surge of cases.  But if we see continued case trend improvements over the next two weeks, this would be a very positive surprise.  The future is uncertain and we have been surprised by the direction of trends, so we cannot hazard a guess.STRATEGY: a taste of "violence of action" when (or if) epicenter gains traction...The final two days heading into Labor Day weekend was a massacre for markets, with intense selling and lots of proclamations of "bubble talk" and "I told you so" -- and this despite very good incoming economic data (jobs report solid).- Markets were due for a pullback, so can anyone be surprised?- But we hardly see this as a warning shot, there i...

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