Manic Monday – S&P 3,000 Holds as We Pass 10M Infections, 500,000 Deaths
I guess people ignore stuff all the time.
There were 165,534 NEW cases of Covid-19 YESTERDAY – that's double China's TOTAL number of cases yet President Trump still calls it the China virus while China calls it the President's total failure to contain the virus like they did more than 2 months ago.
ALL Donald Trump had to do was do what the Chinese did and what most of Asia did to contain the virus and this never would have happened. Instead the President ignored the experts, denied the virus was a thread, did not react fast enough or appropriately when he finally did act and TO THIS DAY, he still isn't doing what needs to be done to contain this Global threat and 38,845 people were infected in the US alone yesterday - HALF of China's TOTAL infections from the "Kung Flu" as the President likes to call it.
Florida, where I live, had a 6.4% rise in infections on SUNDAY – that's pretty much a doubling rate of 10 days! We are back to a state of emergency a month after opening but everyone knows it's too late – there's really no going back now. On Thursday, Trump’s administration asked the Supreme Court to throw out the Affordable Care Act, including its protections for people with pre-existing health conditions, in its entirety — despite the president’s frequent insistence that he will always protect such patients. He has never offered a plan to replace the law known as Obamacare.
On Saturday, Trump said on Twitter that he’d win re-election, once again proclaiming that a “silent majority” supports him. He boasted about high television ratings for his recent campaign events and said “these are the real polls, the Silent Majority, not FAKE POLLS!” Trump has repeatedly said, falsely, that the U.S. has more cases of Covid-19 because it’s conducting more testing for the disease. He’s also expressed skepticism that some of the reported cases are real. “You’re going to have a kid with the sniffles, and they’ll say it’s coronavirus,” he said Thursday.
DURING a White House coronavirus task force briefing Friday — its first in two months, held at Health and Human Services headquarters and without Trump — the president tweeted a wanted poster for 15 people who allegedly vandalized a statue.
“There may be a tendency among the American people to think we are back to that place we were two months ago” when U.S. deaths peaked at more than 2,500 per day, Pence said. “The reality is we’re in a much better place.”
OMG whatBS!!! How do you people put up with this crap? I feel like I'm becomming one of those permanently outraged liberals but I can see how that happens now as this is really pushing me to my limits. Don't you guys have limits? What is it going to take before we shift into some sort of self-preservation mode and DO SOMETHING?
We're all home all day, fill up the mailboxes of your Congressmen and Senators (or, better yet, call them) and tell them you want them to DO SOMETHING about this before it's far too late. Of course, it's 100 degrees in the Arctic Circle so it may already be too late but this is a sooner too late that we can actually do something about. China did it, they locked down the country, disinfected it, had EVERYONE wear masks and now China has only a few new cases on a bad day and they are almost completely open – THAT's how you do it – take it seriously, educate and EQUIP the people to fight the virus together.
Anyway, enough venting for me – thanks for listening. Now, on to the markets. Well, we're very likely heading into a Depression and the markets are at all-time highs. As I said to my Members last week, we had fantastic gains this year because we fortunately played the crash very well but now we're risking twice as much into another potential crash and I'm not as comfortable.
We're going to put a lot of thought into how we're going to move forward but it's almost earnings time (again) and I don't think it's going to be pretty so there's a good chance we're going to decide to sit this one out. In the meantime, please make sure you are very well-hedged and not over-exposed. We will go through our Member Portfolios one by one this week to decide their fate.
I apologize if this is a bit depressing but the best way to survive a depression is to protect your wealth so you can take advantage of the next opportunity.
All the best,