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The positive seasonal trends for December are underway. Despite a shaky start to the week on Monday with the market opening higher and finishing lower, the S&P 500 rallied hard on Tuesday (12/15) right in typical seasonal fashion and posted a strong close on Friday - finishing up 1.3%. on the week. And given headlines from Washington around the fiscal relief package and government shut down, I’d consider this a win.

On the COVID-19 front, the virus is retreating in (in large numbers) everywhere except the United States. And when the US finally reaches its apex on Wave 3, we should see COVID-19 globally rolling over. Looking at daily cases per 1mm residents, the US ranks #9 in the World. But it is the highest of major nations. For context, Lithuania and Croatia are top of the list with 1,129 and 966 cases per 1mm which is roughly in line with the massive spread we saw in North Dakota and South Dakota.

And if there is one State holding the US back from rolling over it is California.

The Golden State reported upwards of 50,000 cases in a single day this week. At current levels, this accounts for about 25% of all daily cases in the US. California only represents about 12% of the population.

And looking at daily cases per one million, California’s are approach...

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