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COVID-19 UPDATE: Daily new cases collapse to 22,734, down massive -15,514 vs 7D ago. "Invincibility" of mega-cap tech questioned = healthy and overdue rotation

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

Daily new COVID-19 cases came in at 22,734, down an astonishing -15,514 vs 7D ago.  On the surface, this is great organic progress and shows the disease is retreating.  In fact, even AZ only reported a mere 81 cases on Tuesday, the lowest since March 2020.  However, keep in mind:

- Labor Day was Monday, so the holiday effect going to impact yesterday's case number
- Daily tests were ~520,000 on Tuesday vs 800,000 last week
- But positivity rates still fall to 4.3%, good thing

So I am inclined to say the trend remains positive but the 22,734 figure is artificially good.

Tom Block, our Policy Strategist, notes that Washington is still at a standstill regarding another relief package.  And from his perspective, a scenario that could move this forward is pressure from Democratic House members when they return next week.  And this could result in a bill before members break for the election. See his comments below.

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STRATEGY: Epicenter vs FANG did not get "faded" in afternoon like the past 4 days...The megacap Tech stocks are no longer invincible.  The bludgeoning seen in the last few days resulted in sharp pullbacks for these stocks.  Below is the magnitude of the pullback in these me...

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