Fortunately, it was another good week for COVID-19 data prints. Even with a backlog of California cases polluting the data this week, daily cases are still down on a 7D basis.

A few clients asked us if the fall in cases is primarily due to falling testing. This is an argument put forth by some media outlets, and I disagree. Foremost, testing is a "pull" function, meaning few are subject to forced testing (essential workers, etc.). Thus, the only people seeking testing are: sick, in contact with someone who is sick, or testing due to work requirements. Also, the testing trend is overwhelmingly one directional.

On Wednesday, daily tests soared to their second highest level ever. And, importantly, positivity rates are collapsing and posted their lowest print since early June this week. Think about that. Positivity rates for the US are have been consistently below 10% for the past 3 months and are approaching 5%; a far cry from March highs of 30% - 40%.

Also of note is that testing in the worst hit areas, FL, CA, AZ, TX, or F-CAT has surged and the positivity rate is moving in the right direction: lower.

COVID-19 is a mysterious virus and developments on the treatment front warrant close watching. On Wednesday, Dr. Fauci cited a study that we had highlighted earlier this...

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