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COVID-19 UPDATE: Some early signs Wave 3 rolling over... El Paso first wave 3 city to peak? Economic data rolling over, ironically, a positive, keeping Fed dovish + pressure for stimulus.

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STRATEGY: Economic data rolling over—ironically positive, pressure for stimulus + keeping Fed dovish
Economic data is rolling over, as the surge in COVID-19 cases, Americans are naturally pulling back and we are seeing this show up in weakening economic data.  The is not surprising at all, and have expected this as we move through wave 3.  Yesterday's report for October retail sales data shows a miss, of up 0.3% month-over-month, compared to expectations of 0.5%

- this is a sizable miss, and ex-Autos, is up 0.2% vs 0.6% MoM.

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Source: BloombergThe most rece...

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