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“When you learn to let go of the need to be right, being wrong gradually loses its power to disturb you.” – Yvan Byeajee
In the ongoing saga over the
china trade deal stimulus talks, it appears as though things are back on again, or at least what the pundits are saying. Futures are higher this morning, and while it could be due to optimism over a larger stimulus bill getting done, it could also very well be over less uncertainty regarding the election, economic improvement even without a stimulus, or the fact that more successful treatments for COVID-19, even without a vaccine seem to come out every day. Just today, Gilead’s CEO was on CNBC and commented that a study of Remdesivir shortened recovery times of COVID patients by five days and significantly reduced the number of people that died of the virus.
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, European manufacturing, trends related to the COVID-19 outbreak, and much more.
We’re all familiar with the saying “Show me a man’s [or woman’s] friends, and I’ll show you the man [woman].” A corollary to that could be, “Show me which way the dollar is moving, and I’ll show you the direction of the stock market.” You see, so far this year, the direction of the dollar every month has been the opposite of the S&P 500. So when the dollar has rallied, as it did in the first three months of the year and in September, the S&P 500 declined. Likewise, in months where the Dollar Index declined, the S&P 500 rallied. October is only eight days old, but so far the Dollar Index has dropped 0.60% and the S&P 500 is up 2.49%. See, it’s as easy as that!