Key Tactical Takeaways:
> As long as the 10-Yr yield holds..., the very bearish (price) "flag" scenario remains valid. For the potential bearish (price) energy of this pattern to be released, however, settlement above ... is required.
> If XLF shows follow-through weakness after Friday's trivial violation of our NT stop at ..., it would be a sign that this sector's fundamental struggles are poised to persist.
> Although this key sector's recent surge is largely the source of the S&P's late gains last week, the tech sector is poised to...
Some Quick Thoughts:
While thumbing through my Twitter feed last night, I came across this little beauty from Dan McMurtrie (@SuperMugatu) - "Reminder: if they have to, they will approve the Taco Bell Crunchwrap Supreme as a COVID therapeutic / vaccine before the election." Several day ago, we suggested that the current administration had begun its campaign to try and please investors ahead of the election, and this weekend's announcement by the President regarding the FDA authorizing convalescent plasma as "Potential Promising COVID–19 Treatment" is another example of this. While Convalescent plasma has been an effective therapeutic treatment during prior outbreaks, the fact of the matter is...
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