Markets stocks

Journey.

"It is going to be different".

It's a good think it's Friday, because things are getting terribly tedious out there. Markets are torn between Journey ("don't stop believin'") and the reality of mounting infection totals in the US, where new cases hit a record above 37,000 on Thursday. Florida joined Texas in freezing the reopening process, and Nevada is mandating masks in public. Donald Trump hasn't said much, but the forgotten coronavirus "task force" will apparently hold a press briefing before the weekend. It would be a stretch to use a single data point to draw any conclusions, but the figure (above) shows a reversal in the trend for the restaurant recovery in Houston, where Texas's outbreak is particularly acute. State-level data isn't as dramatic (yet), but analysts are starting to notice. BofA flagged the first signs of a tentative reversal in restaurant bookings in states with a sharp rise in virus cases, in the course of warning that if infection counts keeping rising, the market will doubt the viability of the recovery. "With several US states seeing sharp increases in hospitalizations, timely data (like restaurant bookings) show the US ‘V' in reverse", SocGen's Kit Juckes said. "Whether this
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9 comments on “Journey.

  1. Regarding fundamentals, have we reached a point of no return on them? Will they ever matter again?

  2. All that matters is how well you know someone who plays golf with El Presidente.

  3. Fridays are always a good think, and this is an especially welcome one.

  4. At the moment, all that matters are the model trigger points.

  5. In any case it is Friday indeed, so no matter how ugly or good the indices get today, irremediably, I will open a bottle of Scotch at the end of the day, ready to contemplate for another week whether we get a V shape or a train wreck.

  6. Lennon

    I’m just sitting here watching the wheels go round and round
    I really love to watch them roll

  7. Really well said on this post…..

  8. From the classic 1975 movie ‘Network’ I’m amazed that more people aren’t “mad as hell and not going to take it anymore” in reference to Trump, his associates and the GOP. Would the names of all that have died because of his malfeasance fit on the Vietnam War memorial??

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