Bye Bye Joe
There are a LOT of things that are going to cost Biden the election (career politician, voting for Iraq war, voting against killing Bin Laden, his son Hunter, complete loss of memory, threatening to punch every old person who disagrees with him, etc.), but if I was a Biden fan, I would have to change my mind on the virus issue. He played politics and said the opposite of what doctors and the President said, just to win office.
I would not be surprised if the DNC tries to substitute someone else to run at the last second. This is Trump's election to lose.
THERE IS A HUGE DIFFERENCE between 2 million dead (Biden's open boarders) vs 100,000 dead. Yes, the economy is sinking, but does it matter if your friend, spouse or parent would have died (but didn't).
So the markets would not like what the President said as he “sort of” left the end of the containment time open to change again. The President is focusing on lives more than the economy so that our numbers do not get horrible like the sad instances in Italy where their death rate is approaching 10%.
Part of the reason for Italy's high numbers is POSSIBLY it is hitting at the same time as their seasonal flu time, and the initial ignoring of quarantines by many people. I wish all of the people in Italy health and a speedy end to this.
OIL was a large focal point on the markets today as it was $1.50 higher in the pre-markets, but slid lower throughout the day. President Trump did address oil in his coronavirus talk but it did nothing to prop it higher.
AAPL – despite the stock trading up to 262.49, it closed down 0.52 at 254.20.
SPX closed down 1.6%. This is not fun to people who thought they bought the bottom last week; however, we are not seeing the 5, 6 or 7% moves either. This feels more like consolidation and waiting for good news.