COVID-19 UPDATE: Europe COVID-19 daily cases collectively 3X US, improving standing of US handling of COVID-19. Hawaii opens borders.

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STRATEGY: Stimulus still a big deal, and the market wants visibility more than anythingEquity markets sold off hard Monday with a pretty intensive downside as VIX rose to 29.  Several factors could explain this, but this weakness is a reminder that equities generally prefer visibility.  And uncertainty around the fiscal stimulus, coupled with the potential for a contested election, are headwinds for equities.  We still believe stocks have seen their pre-election low as the S&P 500 held 3,224 (62% retracement) and even with Monday's weakness, the S&P 500 remains above the other key level, 3,663.Over the next 24 hours, however, arguably the most important issue to watch for is a resolution on fiscal stimulus.  On Sunday, House Speaker Pelosi set a 48-hour deadline for the White House to agree to a plan.  And while markets might see this as less significant (since a deal is likely post-election day), it is a big deal for those Americans with expiring benefits.  So, we think it is very important for Washington to get a deal done.COVID-19 cases rose Monday to 51, 495, which is up +8,157 vs 7D ago, so COVID-19 is spreading.  But this rate of spread is surprisingly linear--tha...

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