Sell the Fact

If the markets are smart today they will sell the fact. The recent runup from the fair value area at 2450 on the S&P to the 2850 area have been based around the rumor, perception, that Trump would try to reopen the economy earlier than would be safe.

Mandatory weekly COVID 19 testing, rather than the bi-weekly level that we suggested yesterday, is being advocated by health specialists for health workers, police and fire, and food service (grocery, restaurant, and bars).

Trump seems to have not interest in that, he just wants Mnuchin to push the markets back up through the February highs. Fat chance on that, and meanwhile more people will die. We are staying isolated until full testing is initiated or a vaccine is available..

Here is a rather comprehensive review of testing:

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