Archives of “September 2020” month

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Pfizer trial participants showing side effects when given either experimental coronavirus vaccine or placebo

  
  Analysis

Reuters with a curious report

  • Pfizer has more than 29,000 people in its 44,000-volunteer trial
  • testing their experimental COVID-19 vaccine
  • Pfizer said participants were showing mild-to-moderate side effects when given either the company’s experimental coronavirus vaccine or a placebo in an ongoing late-stage study.
What? Link here for (not very much) more

Japan data – trade balance for August: Y 248.3bn (expected Y -15.0bn)

  
Analysis, Economy

Japan trade balance for August Y 248.3bn

  • expected Y -15.0bn, prior Y 10.9bn

Trade balance adjusted Y 650.6bn

  • expected Y 23.3bn, prior Y -34.8bn

Exports -14.8% y/y

  • expected -16.1% y/y, prior -19.2%

Imports -20.8% y/y

  • expected -17.8% y/y, prior -22.3%

Exports fell but not by as much as expected. Imports fell by more than expected. Net result is a trade surplus, a deficit was expected.

The y/y fall in exports brings the run of consecutive monthly falls to 21.

Bank of America fund manager survey indicates that “Long US tech” is the most crowded trade ever

  
  Analysis

Probably not surprising too many people, the BoA survey shows that Long US tech is the most “crowded trade” of all-time in the history of the survey.

Fund managers nominate the tech ‘bubble’ as the number 2 tail risk (following a COVID-19 second wave).
Probably not surprising too many people, the BoA survey shows that Long US tech is the most "crowded trade" of all-time in the history of the survey.—
The thing about this is it has been crowded for quite some time. Timing the drop is, of course, the hard part.

JPMorgan quant says Nasdaq 100 selling correction has likely run its course

  
  Analysis

Bloomberg with a piece (ICYMI) on JPM’s head of macro quantitative and derivatives research Marko Kolanovic.

  • Says the tech-led selloff that sent the Nasdaq 100 lower has likely run its course
His comments are in an interview on Bloomberg TV, here is the link to the piece for more.
He likes the upside:

  • “Now we think the selloff is probably over”
  • “Positioning is low. We got a little bit of a purge, so we think actually market can move higher from here.”

NASDAQ closed higher for the 2nd straight day. Dow closes marginally higher

  
Analysis, US Market

The S&P gain closes between the Dow and NASDAQ

All the major indices close higher but well off highs and also with differing gains:

The Dow and S&P closed higher for the 3rd straight day. The NASDAQ index is on a today winning streak.
The final numbers are showing:
  • NASDAQ index up 133.67 points or 1.21% at 11190.32. It’s high price extended up to 11244.46. The low price was at 11127.97
  • S&P index closed up 17.61 points or 0.52% the 3401.15. It’s high reached 3419.48 while the low extended to 3389.25
  • Dow industrial average closed up 2.27 points or 0.01% at 27995.60. It’s high reached 28231.06 while the low extended to 27931.45
The NASDAQ index closed near 7% from its all-time high. The Dow industrial average and S&P are closing 5% from their all-time highs.
The Russell 2000 which was the big gainer yesterday was the laggard today. It fell -0.03% after being as high as up 0.91% intraday.
European shares today closed with varying results. The German DAX rose by 0.18% while the UK FTSE 100 close up 1.32%.

CNN polls show Biden up in NC and Wisconsin

  
  Analysis

Biden up 3 points in NC and a larger nargin in Wisconsin

According to CNN polls, Dem Pres. Candidate Joe Biden leads Pres. Trump in NC and Wisconsin (considered key swing states).
The polls show:
  • Biden 49% Trump 46% in NC
  • Biden 52% Trump 42% in Wisconsin.
According to average poll estimates:
  • Wisconsin shows Biden with an average 6.3% gain
  • NC average poll shows Biden up by 0.3%

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