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“In the middle of difficulty lies opportunity.” – Albert Einstein
All eyes will be on Powell and Mnuchin this morning as they testify in front of the House Financial Services Committee today regarding the CARES Act. We’ll also get Existing Home Sales for August at 10 AM. Futures are trying to stabilize after yesterday’s decline, but the foundation for any rally today has so far been on shaky ground. Finally, in the UK PM Boris Johnson is calling for increased restrictions to help ward off a building second wave of the COVID outbreak in that country.
Be sure to check out today’s Morning Lineup for a rundown of the latest stock-specific news of note, market performance in the US and Europe, discussion of the political ramifications of the upcoming SCOTUS fight, trends related to the COVID-19 outbreak, and much more.
In yesterday’s Chart of the Day, we took a look at historical bear markets for Apple (AAPL) in the post-iPod era, including a look at the typical length and magnitude of decline for the stock during other periods when it dropped 20% or more. Yesterday, the stock had a bit of a respite from the selling as it bounced right at the support of its uptrend off the March lows. The bounceback in Apple helped to stabilize the entire market and technology specifically, but it wasn’t quite able to move back above its 50-DMA so that technical level will loom on the stock today.