"Polls can be wrong. Especially when it is harder and harder to find people who have the time and energy to answer a survey, a process that naturally leans towards the wealthier and more politically active."
...the fundamental relationship between the stock market and the economy has changed. Believe it or not, strength on Wall Street is now driven by weakness in the broader economy.
...retail positioning is once again very long-biased... monetary policy intervention has once again removed all “fears” of a correction, recession, or bear market...
The biggest reason for the surge in EPS was the plunge in loan losses, which dropped by a whopping 60% from the $1.5 billion set aside last year to just $611 million, a quarter of the $2.4 billion analysts had expected JPM to set aside.
Managing editor Ed Harrison and senior editor Ash Bennington answer questions from the Real Vision audience in this special edition of the Daily Briefing. They…
"I'm not as concerned about a shift politically, but it does appear Mr. Biden is going to win the presidency unless something untoward is to happen in his campaign and I wish otherwise but that seems to be the reality."
The five largest S&P 500 stocks (AAPL, MSFT, AMZN, GOOGL, FB) are expected to grow 3Q sales and EPS by +13% and +1%... the rest of the S&P500 will see a -5% revenue drop and a -24% drop in EPS.
