Last week, the Nasdaq Composite Index set another record.

So far, 2020 has been memorable for many reasons, not the least of which is the incredible speed at which some events have been occurring in financial markets. This year, we’ve experienced:

• The end of the longest U.S. stock bull market in history
• A global stock market crash
• The shortest U.S. stock bear market in history
• Multiple record highs for major U.S. stock indices

Last week, we witnessed the swiftest correction on record as the Nasdaq fell by 10 percent in just three days. By the end of the week, the Index had recouped some losses and finished down 4.1 percent. The Standard & Poor’s 500 Index and Dow Jones Industrial Average also finished the week lower.

It would be gratifying if the recent drop in share price steadied U.S. stock markets. However, we are likely to see stocks remain volatile through the end of 2020. The Economist explained:

“Because of the influential role of turbocharged retail investment, prices can be expected to remain choppy. Moreover, the market is entering a period where typical COVID-19-related volatility may be exacerbated by the twists and turns of America’s presidential election.

“That said, much of the tech recovery from the lows in March was rooted in fundamental shifts, like policy interventions, or pandemic-prompted changes to consumer behavior, such as online shopping, that have helped firms…Even if the giddy obsession with tech firms exhibited during the summer fades, there may be little reason for investors to throw in the beach towel yet.”

This is a good time to take a gut check and make sure your asset allocation aligns with your financial goals and your response to market volatility.

Go fly a kite. Wind is one of the fastest growing energy sources in the United States. In 2019, wind generated 7.2 percent of the nation’s electricity, powering 27.5 million homes, reported the American Wind Energy Association. Wind power has become a major provider of electricity in:

• Iowa generating 41.9 percent of electricity
• Kansas generating 41.4 percent of electricity
• Oklahoma generating 34.5 percent of electricity
• North Dakota generating 26.8 percent of electricity
• South Dakota generating 23.9 percent of electricity
• Maine generating 23.6 percent of electricity

As with many things, wind farms have pros and cons. On the plus side, wind energy is a renewable energy source that generates income and tax revenue in rural areas. In the negative column, construction can damage drainage systems and hurt crop production. In addition, towering turbines can catch fire, throw ice, cause headaches (literally), and create other issues, reported Slate.

A new wind energy option may do away with some of those negatives in some locations. Wind kites deliver power and have a far smaller profile than many turbines. Fast Company explained:

“As the kite flies autonomously, driven by the wind, eight small onboard rotors turn and generate energy that is sent down a thin tether back to the ground…it does the same work as the tips of the blades on large wind turbines, which convert the most energy in the system because they move the greatest distance as they’re pushed by the wind. But the new technology, which came out of research at the Technical University of Munich, does that work without the same need for massive infrastructure.”

Wind kites may be well-suited to islands and other areas where importing turbines is not feasible. They may also be a sound option in hurricane-prone regions since kites can be lowered to the ground. Best of all, kites use 10 times less material, so costs are significantly reduced.

Weekly Focus – Think About It
“We are moving so fast that when plans are being made to perform some great feat, these plans are broken into by a youth who enters and says, “I have done it.” This is exactly what Cook did for Arctic exploration.” (April 1914)
 –Elbert Hubbard, Writer and publisher

Investment advice offered through Research Financial Strategies, a registered investment advisor.
* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The DJ Equity All REIT Total Return Index measures the total return performance of the equity subcategory of the Real Estate Investment Trust (REIT) industry as calculated by Dow Jones.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
* To unsubscribe from the Weekly Market Commentary please reply to this e-mail with “Unsubscribe” in the subject.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

https://www.wsj.com/articles/global-markets-calmer-after-two-hectic-days-11583899913 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/09-14-20_WSJ-Dow_Jones_Industrial_Averages_11-Year_Bull_Run_Ends-Footnote_1.pdf)
https://www.bbc.com/news/51860099
https://www.reuters.com/article/us-usa-stocks-s-p500-bear-graphic/say-goodbye-to-the-shortest-bear-market-in-sp-500-history-idUSKCN25E2R9
https://www.cnbc.com/2020/08/28/stock-market-today-live.html
https://www.barrons.com/articles/the-market-is-a-bubble-but-that-doesnt-mean-troubleyet-51599862332?mod=hp_LEAD_3 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/09-14-20_Barrons-Yes_Its_a_Stock_Market_Bubble-That_Doesnt_Mean_Trouble_for_Investors_Just_Yet-Footnote_5.pdf)
https://www.barrons.com/articles/it-doesnt-matter-if-its-trump-or-bidennext-year-looks-rocky-for-the-stock-market-51599868976?refsec=the-trader (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/09-14-20_Barrons-Next_Year_Looks_Rocky_for_the_Stock_Market_No_Matter_Who_Wins_the_Election-Footnote_6.pdf)
https://www.economist.com/finance-and-economics/2020/09/12/beware-the-power-of-retail-investors (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/09-14-20_TheEconomist-Beware_the_Power_of_Retail_Investors-Footnote_7.pdf)
https://www.awea.org/wind-101/basics-of-wind-energy/wind-facts-at-a-glance
https://slate.com/technology/2017/08/why-farmers-in-iowa-hope-wind-energy-will-blow-over.html
https://www.fastcompany.com/90545456/these-kites-generate-wind-power-by-flying-through-the-air
https://books.google.com/books/about/The_Philistine.html?id=6UM6AAAAMAAJ (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/09-14-20_Book_Excerpt-The_Philistine-Footnote_11.pdf)

The shortest bear market in history is over.

 The Nasdaq Composite and Standard & Poor’s 500 Indices finished at new highs last week. The stock market is considered to be a leading economic indicator, so strong stock market performance suggests economic improvement ahead.

There was a caveat to last week’s gains, though. One large technology company was responsible for 60 percent of the S&P’s weekly gains (0.7 percent), reported Ben Levisohn of Barron’s. The same large company is also a component of the Dow Jones Industrials Index, which finished the week flat. Without that stock, the Dow would have finished the week lower. Levisohn wrote:

 “The S&P 500 might have hit a record last week, but most stocks have been having bad days. On Friday, for instance, just 220 stocks in the S&P 500 closed higher for the day, and that was far from an anomaly. The S&P 500’s cumulative advance/decline line – a measure of the number of stocks finishing higher versus those finishing lower that technicians use to gauge the market’s underlying strength – has been falling even as the S&P 500 progressed to a record.”

 One reason for the U.S. stock market’s rise to date may be dividends, reported Lawrence Strauss of Barron’s. “…equities remain attractive relative to 10-year U.S. Treasuries. The yield on that bond was recently at 0.67 percent, about one percentage point below the S&P 500’s yield.”

The story told by last week’s jobs data was as uncertain as the one told by the U.S. stock market. The Department of Labor reported jobless claims moved higher with 1.1 million people filing new claims for the week of August 15. During the previous week, new claims had fallen below one million. The four-week moving average for new claims continued to trend lower.

The unemployment rate dropped from 10.6 percent to 10.2 percent. That’s an improvement over April’s 14.4 percent, but the rate remains historically high. As a point for comparison, during the Great Recession, the unemployment rate peaked at 10.6 percent in January 2010, according to Rakesh Kochhar of Pew Research Center.

There was also a decline in the number of jobs posted. (Job postings provide insight to labor market activity in real time.) The Indeed Hiring Lab reported postings were down more than 20 percent year-over-year as of August 14, 2020. It was the first decline in the number of job listings since April 2020. Fewer jobs were available in hospitality, tourism, childcare, banking, finance, and software development.

improbable research. The Annals of Improbable Research publishes “…research that makes people LAUGH, then THINK. Real research, about anything and everything, from everywhere – research that’s maybe good or bad, important or trivial, valuable or worthless.” In that spirit, here are a few notable scientific studies that may inspire awe and/or skepticism:

• Coffee improves longevity. There has been a lot of research exploring whether coffee helps people live longer or shortens their life spans. A metastudy published in the European Journal of Epidemiology found people who drank two to four cups of coffee a day were likely to live longer than those who drank no coffee.
• People don’t know what they don’t know – and they don’t know it. The Dunning-Kruger Effect is a cognitive bias in which people wrongly overestimate their knowledge or ability in a specific area. “Not only do these people reach erroneous conclusions and make unfortunate choices, but their incompetence robs them of the metacognitive ability to realize it.” Notably, when the unskilled are trained and develop skills, they recognize the limits of their abilities.
• Insights about alligators on treadmills. Researchers at the University of Utah found, “…alligators, unlike lizards, are able to walk and breathe at the same time by using a rocking pubic bone – part of the pelvis – to help them inhale and exhale,” reported Science Daily. A study published in the Journal of Comparative Physiology reported alligators that trained on treadmills for 15 months improved their peak oxygen rate by 27 percent.
• Arachnids fly the friendly skies. Venomous pseudoscorpions, which are tiny predatory arachnids, have perfected the art of hitchhiking. They attach to flying insects, such as beetles, when they want to travel to new hunting grounds, reported National Museum Publications.

Weekly Focus – Think About It
“All sorts of things can happen when you’re open to new ideas and playing around with things.”
–Stephanie Kwolek, Chemist and inventor of Kevlar

Investment advice offered through Research Financial Strategies, a registered investment advisor.
* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The DJ Equity All REIT Total Return Index measures the total return performance of the equity subcategory of the Real Estate Investment Trust (REIT) industry as calculated by Dow Jones.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
* To unsubscribe from the Weekly Market Commentary please reply to this e-mail with “Unsubscribe” in the subject.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

Sources:
https://www.washingtonpost.com/business/2020/08/18/stocks-record-high-sp-500/ (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/08-24-20_TheWashingtonPost-US_Stocks_Hit_Record_High_Ending_Shortest_Bear_Market_in_History-Footnote_1.pdf)
https://www.barrons.com/articles/apple-stock-gets-the-credit-for-pushing-the-stock-market-to-a-record-high-51598055728?refsec=the-trader (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/08-24-20_Barrons-Apple_is_Unstoppable_and_It_Carried_the_Stock_Market_to_a_Record_High-Footnote_2.pdf)
https://www.barrons.com/articles/high-yielding-stocks-have-faltered-in-2020but-some-see-value-51597845610 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/08-24-20_Barrons-High-Yielding_Stocks_have_Faltered_in_2020_but_Some_See_Value-Footnote_3.pdf)
https://www.dol.gov/ui/data.pdf
https://www.pewresearch.org/fact-tank/2020/06/11/unemployment-rose-higher-in-three-months-of-covid-19-than-it-did-in-two-years-of-the-great-recession/
https://www.hiringlab.org/2020/08/18/job-postings-through-august-14/
https://www.improbable.com/publications/
https://pubmed.ncbi.nlm.nih.gov/31055709/
https://www.psychologytoday.com/us/basics/dunning-kruger-effect
https://psycnet.apa.org/buy/1999-15054-002
https://www.sciencedaily.com/releases/2001/11/011119070351.htm
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2768110/
https://nationalmuseumpublications.co.za/pseudoscorpions-arachnid-hitchhikers/
https://interestingengineering.com/25-quotes-from-powerful-women-in-stem-who-will-inspire-you

he Standard & Poor’s (S&P) 500 Index finished the week within a whisker of its February high, reported Randall Forsyth of Barron’s.

It’s a remarkable feat. The stock market has recovered in just 175 days. Historically, comparable recoveries (those following market drops of 20 percent or more) have taken about four years, reported Vildana Hajric, Lu Wang, and Claire Ballentine of Bloomberg Quint.

“The sharpness and speed of the downturn – and the immediacy of the overwhelming liquidity and fiscal response from the Federal Reserve and Congress – forestalled the kind of grinding, purgative action of typical bear markets, which wrings out excesses and resets valuations lower. There was also not the shift in market leadership that usually occurs in the crucible of a bear market,” reported Michael Santoli of CNBC.

The recovery is also remarkable because it occurred in the midst of a recession (that some have labeled a depression) and during a period of extraordinarily weak corporate earnings. It’s possible investors are focusing on the fact economic and earnings data has been ‘better-than-expected.’ For instance:

·         The U.S. economy shrank by -32.9 percent during the second quarter. While that was better than the -34.7 percent forecast, the U.S. economy still lost about one-third of its value.

 ·         The blended earnings of companies in the S&P 500 Index were -33.8 percent during the second quarter, as of August 7, which is the latest FactSet Insight report available. While most companies have performed better than anticipated, their profits had fallen significantly.

Last week, in a paper titled Reasons (Not) To Be Cheerful: Certainty, Absurdity, and Fallacious Narratives, GMO’s James Montier wrote, “Never before have I seen a market so highly valued in the face of overwhelming uncertainty. Yet today the U.S. stock market stands at nosebleed-inducing levels of multiple, whilst the fundamentals seem more uncertain than ever before.”

The bottom line is the economy and company profits have contracted sharply while stock market valuations have rocketed higher. The sonic boom of performance startled many market professionals. Strategists tracked by Bloomberg expected the S&P 500 to finish December at 3,117 or about 8 percent lower than it started. They may be wrong, but they may be right. No one is certain what lies ahead.

Life: Pandemic style. The pandemic has changed the ways people all over the world think and interact with one another. It has also inspired artists and designers to find solutions to pressing problems, such as the need for social distancing. Here are a few inventions that may help us cope with pandemic life and help us find a new normal:

·         Glass lamps to dispel loneliness. Imagine you turn on a light in your home and it turns on a light in your parent’s home or your grandparent’s nursing home to let them know you’re thinking about them. Video artist Alexander Lervik’s website describes his invention like this:

“…a set of glass lamps shaped as rocks, which have been given the capacity of apprehending human touch and communicating with other rocks to express community and closeness. Perhaps you own one rock, and an older relative owns another so that they can sense when you touch your stone, thinking of them. The work offers a chance to think about all those old people who are lonely and in need of human touch.”

·         Devices to deliver anxiety-free dining. In the Netherlands, a restaurant has installed glass cabins on its patio that can accommodate two or three diners. Reuters reported, “Waiters wear gloves and transparent face shields, and use a long board to bring dishes into the glass cabins to ensure minimal physical contact with customers.”

Travel and Leisure reported some restaurants may make indoor dining more palatable by installing plexiglass cylinders that hang from the ceiling like lampshades. Diners settle inside the cylinders as they are seated.

·         Hands-free door handles in grocery stores. To overcome pervasive reluctance to touch doorknobs and door handles in public places, a Finnish supermarket installed curved handles that allow shoppers to pull open cooler doors with their forearms, reported the World Economic Forum.

Weekly Focus – Think About It
​“There will come a time when you believe everything is finished. That will be the beginning.”
–Louis L’Amour, Novelist

Investment advice offered through Research Financial Strategies, a registered investment advisor.
* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The DJ Equity All REIT Total Return Index measures the total return performance of the equity subcategory of the Real Estate Investment Trust (REIT) industry as calculated by Dow Jones.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
* To unsubscribe from the Weekly Market Commentary please reply to this e-mail with “Unsubscribe” in the subject.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

Sources:
https://www.barrons.com/articles/time-to-build-cash-to-take-advantage-of-stocks-coming-slump-51597451678?mod=hp_LEAD_1 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/08-17-20_Barrons-Its_Time_to_Build_Cash_to_Take_Advantage_of_Stocks_Coming_Slump-Footnote_1.pdf)
https://www.bloombergquint.com/markets/to-the-brink-and-back-in-175-days-the-s-p-500-rallies-to-record (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/08-17-20_Bloomberg-To_Brink_and_Back_in_175_Days-S_and_P_500_Briefly_Tops_Record_Close-Footnote_2.pdf)
https://www.cnbc.com/2020/08/15/the-2020-comeback-to-record-highs-resembles-storied-market-revivals-of-the-past.html
https://www.foreignaffairs.com/articles/united-states/2020-08-06/coronavirus-depression-global-economy (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/08-17_20_Foreign_Affairs-The_Pandemic_Depression-Footnote_4.pdf)
https://www.cnbc.com/2020/07/30/us-gdp-q2-2020-first-reading.html
https://www.factset.com/hubfs/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_080720A.pdf (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/08-17-20_Factset-Key_Metrics-Footnote_6.pdf)
https://www.gmo.com/americas/research-library/reasons-not-to-be-cheerful/
http://lervik.se/tactus-lamps/
https://uk.reuters.com/article/uk-health-coronavirus-netherlands-restau/dutch-restaurant-trials-glass-booths-for-dining-amid-coronavirus-idUKKBN22I1HI
https://www.travelandleisure.com/food-drink/restaurants/restaurants-reopening-coronavirus-protective-shields-plexiglass
https://www.weforum.org/agenda/2020/06/inventions-coronavirus-covid19-innovation/
http://www.louislamour.com/firstchapt/lonelyonmountain1st.htm

There was good news and bad news in last week’s employment report.

The good news was the U.S. Bureau of Labor Statistics delivered better-than-expected data about employment. In July, the U.S. economy added about 1.8 million new jobs.

That’s about 300,000 more than the Wall Street consensus forecast, according to Jeff Cox of CNBC, who reported, “…there were wide variations around the estimates as the pandemic’s resurgence dented plans to get the shuttered U.S. economy completely back online. Forecasts ranged from a decline of half a million jobs to a rise of 3 million…”

The flip side of employment is unemployment. The U-3 unemployment rate, which reflects unemployed people who are actively seeking a job, declined in July. It has moved steadily lower during the last few months, from 14.7 percent in April to 10.2 percent in July. The U-6 rate, which includes unemployed, underemployed, and discouraged workers, has declined from 22.8 percent in April to 16.5 percent in July.

The bad news is that, despite declining unemployment numbers, the U.S. unemployment rate is now at 10.2 percent – a level that rivals unemployment during the 1981-82 recession and the Great Recession. On Friday, Matthew Klein of Barron’s explained:

“The July data were better than feared, but that doesn’t mean the U.S. economy is in good shape. The danger now is that the private sector’s slowing momentum will be exacerbated by ongoing state and local government retrenchment and the expiration of emergency unemployment benefits that had been supporting disposable income.”

It is possible emergency unemployment benefits will restart before Congress reaches agreement. On Saturday, President Trump issued an executive memo authorizing enhanced unemployment benefits of $400 a week. Three-fourths of the amount would be paid for with disaster relief funds. Regular unemployment benefits plus one-fourth of the emergency benefit would be paid by states.

It is also possible benefits won’t restart until Congress reaches agreement. “Although [President Trump] signed an order to provide enhanced unemployment benefits to millions of out-of-work Americans, it’s unclear if he has the authority to do so by executive order while side-stepping Congress. And, it could take months for states to implement,” reported Jessica Menton of USA Today.

Major U.S. stock indices finished higher for the week.

Uncrowded. As professional sports resume play in empty stadiums, teams are finding innovative ways to support and encourage players and, sometimes, viewers. For instance:

·         The U.S. National Women’s Soccer League was the first contact sports league to return to play. Its fans offer support and encouragement via social media. In July, “the nearly 20,000-member [social media] group, NWSL Supporters, raised over $5,000 to cover the players’ coffee orders at the tournament’s on-site coffee truck, reported Nicole Wetsman of The Verge.

·         Japan’s Nippon Professional Baseball has robots that dance to the Fukuoka Hawks’ fight song before each game. Jack Tarrant of Reuters reported one humanoid robot and several four-legged robots, “…stamped and shimmied in a choreographed dance that is usually performed by the Hawks’ fans before games…”

·         U.S. Major League Baseball stadiums are filled with cardboard cutouts of fans. However, one broadcaster faked crowd noise and filled the stands with virtual fans in some shots, but not others. Overall, real fans were not impressed, reported USA Today.

·         The National Basketball Association is bringing basketball fans courtside through a virtual experience during live games. The ‘Together Mode for Teams’ uses artificial intelligence to segment fan’s faces and shoulders and show them in courtside seats. “This new experience…gives participating fans the feeling of sitting next to one another at a live game without leaving the comfort and safety of their homes,” reported Tom Warren of The Verge.

·         The Women’s National Basketball Association hosted the first ever live virtual draft by a professional league. Sports Illustrated reported, “…the WNBA draft recorded its best ratings in 16 years. While [WNBA commissioner Cathy Engelbert] noted fans may have been hungry for a live sporting event, she also acknowledged the importance of naming Gianna Bryant, Alyssa Altobelli, and Payton Chester, who died in a helicopter crash on January 26, as honorary draft picks.”

Weekly Focus – Think About It
“Outstanding leaders go out of their way to boost the self-esteem of their personnel. If people believe in themselves, it’s amazing what they can accomplish.”
–Sam Walton, Businessman and entrepreneur

Investment advice offered through Research Financial Strategies, a registered investment advisor.
* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The DJ Equity All REIT Total Return Index measures the total return performance of the equity subcategory of the Real Estate Investment Trust (REIT) industry as calculated by Dow Jones.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
* To unsubscribe from the Weekly Market Commentary please reply to this e-mail with “Unsubscribe” in the subject.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

https://www.bls.gov/news.release/empsit.nr0.htm
https://www.cnbc.com/2020/08/07/jobs-report-july-2020.html
https://fred.stlouisfed.org/series/UNRATE#0 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/08-10-20_FRED-U3_and_U6_Unemployment_Rate-Footnote_3.pdf)
https://www.investopedia.com/articles/investing/080415/true-unemployment-rate-u6-vs-u3.asp
https://fred.stlouisfed.org/series/UNRATE#0 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/08-10-20_FRED-Current_Unemployment_Rate-Footnote_5.pdf)
https://www.barrons.com/articles/the-jobs-report-was-a-pleasant-surprise-but-much-of-the-economy-saw-litlle-improvement-51596841501?mod=hp_LEAD_1 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/08-10-20_Barrons-Fridays_Jobs_Report_was_a_Pleasant_Surprise-But_the_Recovery_Remains_Limited-Footnote_6.pdf)

Last week delivered a mixed bag of financial and economic news.

As many expected, the U.S. economy did not fare well during the second quarter. COVID-19 lockdowns and business closings caused productivity to fall by one-third. Real gross domestic product, which is the value of all goods and services produced by our country, dropped 32.9 percent during the second quarter of 2020, reported the Bureau of Economic Analysis. During the first quarter of the year, productivity fell by 5 percent.

The Federal Reserve held its Federal Open Market Committee meeting last week. Fed Chair Jerome Powell committed to “…using our tools to do what we can, and for as long as it takes, to provide some relief and stability, to ensure that the recovery will be as strong as possible, and to limit lasting damage to the economy.”

Powell also said, “Elected officials have the power to tax and spend and to make decisions about where we, as a society, should direct our collective resources. The fiscal policy actions that have been taken thus far have made a critical difference to families, businesses, and communities across the country. Even so, the current economic downturn is the most severe in our lifetimes.”

Our elected officials were unable to reach an agreement about how to support unemployed Americans whose jobs disappeared because of COVID-19. Enhanced unemployment benefits and a moratorium on evictions both expired at the end of last week. Congress met over the weekend and officials indicated they had made progress in negotiations, reported The Washington Post.

Earnings offered a glimmer of positive news for investors. Al Root of Barron’s reported, “…companies are crushing overly bearish estimates…More than 300 [Standard & Poor’s 500 Index] companies have reported second-quarter numbers so far. About 85 percent are beating Wall Street earnings estimates by an average of 22 percent.”

Overall, blended earnings for the Standard & Poor’s 500 Index (S&P 500) has declined 35.7 percent. If that is the actual change in earnings for the second quarter, it would be the biggest year-over-year decline since the fourth quarter of 2008 when earnings dropped 69.1 percent.

The S&P 500 and the Nasdaq Composites both gained last week. The Dow Jones Industrial Index finished the week lower.

Fast food for thought. In 1986, The Economist developed a tasty way to assess whether currencies are trading as they should be: The Big Mac Index.

In theory, countries’ exchange rates should allow a person to buy the same product – in this case, a burger – for the same amount of money in any currency. In reality, currencies are often undervalued or overvalued. When an analyst says a country’s currency is undervalued relative to the U.S. dollar, it means a burger costs less in that country than it does in the United States.

For example, in June 2020, a fancy burger cost about $5.71 in the United States. In Britain, it cost £3.39, which is about $4.46 using last week’s exchange rate. That makes a British burger a lot less expensive than a U.S. burger. If the currencies were aligned properly, the burger should have cost £4.34. So, the British pound is undervalued relative to the U.S. dollar.

In June, visitors to Switzerland paid more for burgers than they would have in the United States. A Swiss burger cost SFr6.50 or about $7.15 in June 2020. If the currencies were aligned, the burger would have cost about SFr5.19.

The cheapest burger in the world was found in South Africa, where it sold for 31.00 rand or $1.83 in June. If the currencies had been in parity, then a South African burger would have cost 96.97 rand. You also can buy a burger for less in China. The Economist explained, “A [burger] costs 21.70 yuan in China and $5.71 in the United States…[This] suggests the Chinese yuan is 45.7 percent undervalued.”

The Big Mac Index should be taken with a grain of salt. It’s an imprecise tool some economists find hard to swallow because the price of a burger should be lower in countries with lower labor costs, and higher in countries with higher labor costs. When index prices are adjusted for labor, the Thai baht and Brazilian real are the world’s most overvalued currencies relative to the U.S. dollar, while the Hong Kong dollar and the Russian ruble are the most undervalued.

Weekly Focus – Think About It
“There are basically two types of people. People who accomplish things, and people who claim to have accomplished things. The first group is less crowded.”
–Mark Twain, Humorist

Best regards,
Jack Reutemann, Jr. CLU, CFP®

Investment advice offered through Research Financial Strategies, a registered investment advisor.
* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The DJ Equity All REIT Total Return Index measures the total return performance of the equity subcategory of the Real Estate Investment Trust (REIT) industry as calculated by Dow Jones.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
* To unsubscribe from the Weekly Market Commentary please reply to this e-mail with “Unsubscribe” in the subject.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

Sources:

https://www.bea.gov/sites/default/files/2020-07/gdp2q20_adv_0.pdf
https://www.federalreserve.gov/mediacenter/files/FOMCpresconf20200729.pdf
https://www.washingtonpost.com/business/economy/white-house-officials-democratic-leaders-convene-rare-weekend-talks-as-unemployment-benefits-expire-for-millions/2020/08/01/9637d21a-d3f8-11ea-8c55-61e7fa5e82ab_story.html (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/08-03-20_TheWashingtonPost-Both_Sides_Say_Progress_Made_in_Talks_on_Pandemic_Relief-Footnote_3.pdf)
https://www.barrons.com/articles/dow-jones-industrial-average-drops-42-points-as-investors-stay-wary-51596245732 (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/08-03-20_Barrons-Why_this_Rally_Still_has_Room_to_Run-Footnote_4.pdf)
https://www.factset.com/hubfs/Resources%20Section/Research%20Desk/Earnings%20Insight/EarningsInsight_073120A.pdf
https://www.barrons.com/market-data?mod=BOL_TOPNAV (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/08-03-20_Barrons-Market_Data-Footnote_6.pdf)
https://www.economist.com/news/2020/07/15/the-big-mac-index (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/08-03-20_TheEconomist-The_Big_Mac_Index-Footnote_7.pdf)
https://finance.yahoo.com/currency-converter/ (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/08-03-20_YahooFinance-Currency_Converter-Footnote_8.pdf)
https://www.brainyquote.com/quotes/mark_twain_393535

Where are we on vaccines and treatments?

During 2020, the United States government has spent more than $13 billion on Operation Warp Speed (OWS), which is focused on accelerating the development of vaccines and treatments for COVID-19, according to The Economist. The United States is not alone. Governments around the world are funding similar research.

The Economist reported, “…with the eagerness of the pharma sector to find treatments, along with the broad range of investments made by OWS (as well as other governments), there has been a lot of progress in the search for tests, drugs, and vaccines…Even the master of caution on vaccines, Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, thinks a signal of vaccine efficacy might arrive in September.”

Any progress on treatments and vaccines is welcome news. Last week, there were more than 4 million confirmed COVID-19 cases in the United States, and the number of deaths rose above 1,000 a day, reported Joe Murphy and colleagues at NBC News. Late in the week, the number of new cases in Arizona, Florida, and South Carolina appeared to be trending lower, according to data from the Coronavirus Research Center at Johns Hopkins.

The resurgence of the virus may be one reason for the decline in U.S. stock markets last week. The Nasdaq Composite Index delivered back-to-back losses for the first time in more than a month, while the Dow Jones Industrial Average and the Standard & Poor’s 500 Index finished the week slightly lower, reported Ben Levisohn of Barron’s.

It’s difficult to pinpoint the exact cause of the drop because there were many possible drivers. For instance, the Department of Labor reported the number of new unemployment claims increased, after 15 weeks of declines. Markets may have been concerned about increasing unemployment numbers when the extra $600 in weekly unemployment benefits expires at the end of this week. Congress has yet to agree on whether or how to extend benefits.

In addition, earnings have been less than stellar – as expected. Last week, 26 percent of companies in the Standard & Poor’s 500 Index had reported second quarter results. The blended earnings, which combine actual results for companies that have reported with the estimated results for companies that have not yet reported, were down 42.4 percent, reported John Butters of FactSet.

There is little doubt the virus has wrought economic havoc. Let’s hope we find a vaccine soon. Future generations may think about COVID-19 the way we now think about polio, measles, and rubella.

Just For fun. The terms money and currency are often used interchangeably. However, Andrew Beattie of Investopedia pointed out, “According to some theories, money is inherently an intangible concept, while currency is the physical (tangible) manifestation of the intangible concept of money. By extension…money cannot be touched or smelled. Currency is the coin, note, object, etc…”

See what else you know – or don’t – about money by taking this brief quiz:

1. Which of the following was once used as currency?
   1. Tea bricks
   2. Knives
   3. Animal skins
   4. All of the above

2. Which was the first animal to appear on a U.S. coin?
   1. An eagle
   2. A buffalo
   3. A jackalope
   4. A ring-necked pheasant

3. What were nickels made of during WWII (1942-1945)?
   1. Nickel
   2. Metal alloy
   3. Steel
   4. Leather

4. What is chrometophobia?
   1. Fear of thinking about money
   2. Fear of spending money
   3. Fear of touching money
   4. All of the above

Weekly Focus – Think About It
“A nickel ain’t worth a dime anymore.”
–Yogi Berra, Professional baseball player

Answers:

1. D – All of the above (Tea bricks, Knives, and animal skins)
2. A – Eagle
3. B – Metal alloy
4. D – All of the above (Fear of thinking about money; fear of spending money; and fear of touching money)

Investment advice offered through Research Financial Strategies, a registered investment advisor.
* This newsletter and commentary expressed should not be construed as investment advice.
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.  However, the value of fund shares is not guaranteed and will fluctuate.
* Corporate bonds are considered higher risk than government bonds but normally offer a higher yield and are subject to market, interest rate and credit risk as well as additional risks based on the quality of issuer coupon rate, price, yield, maturity, and redemption features.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. You cannot invest directly in this index.
* All indexes referenced are unmanaged. The volatility of indexes could be materially different from that of a client’s portfolio. Unmanaged index returns do not reflect fees, expenses, or sales charges. Index performance is not indicative of the performance of any investment. You cannot invest directly in an index.
* The Dow Jones Global ex-U.S. Index covers approximately 95% of the market capitalization of the 45 developed and emerging countries included in the Index.
* The 10-year Treasury Note represents debt owed by the United States Treasury to the public. Since the U.S. Government is seen as a risk-free borrower, investors use the 10-year Treasury Note as a benchmark for the long-term bond market.
* Gold represents the afternoon gold price as reported by the London Bullion Market Association. The gold price is set twice daily by the London Gold Fixing Company at 10:30 and 15:00 and is expressed in U.S. dollars per fine troy ounce.
* The Bloomberg Commodity Index is designed to be a highly liquid and diversified benchmark for the commodity futures market. The Index is composed of futures contracts on 19 physical commodities and was launched on July 14, 1998.
* The DJ Equity All REIT Total Return Index measures the total return performance of the equity subcategory of the Real Estate Investment Trust (REIT) industry as calculated by Dow Jones.
* The Dow Jones Industrial Average (DJIA), commonly known as “The Dow,” is an index representing 30 stock of companies maintained and reviewed by the editors of The Wall Street Journal.
* The NASDAQ Composite is an unmanaged index of securities traded on the NASDAQ system.
* International investing involves special risks such as currency fluctuation and political instability and may not be suitable for all investors. These risks are often heightened for investments in emerging markets.
* Yahoo! Finance is the source for any reference to the performance of an index between two specific periods.
* Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance.
* Economic forecasts set forth may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
* Past performance does not guarantee future results. Investing involves risk, including loss of principal.
* The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee it is accurate or complete.
* There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
* Asset allocation does not ensure a profit or protect against a loss.
* Consult your financial professional before making any investment decision.
* To unsubscribe from the Weekly Market Commentary please reply to this e-mail with “Unsubscribe” in the subject.

Investment advice offered through Research Financial Strategies, a registered investment advisor.

https://www.economist.com/united-states/2020/07/18/donald-trump-is-hoping-for-a-covid-19-treatment-by-november (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/07-27-20_TheEconomist-Donald_Trump_is_Hoping_for_a_COVID-19_Treatment_by_November-Footnote_1.pdf)
https://www.nbcnews.com/health/health-news/coronavirus-deaths-united-states-each-day-2020-n1177936
https://coronavirus.jhu.edu/data/new-cases-50-states (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/07-27-20_JohnsHopkins-Daily_Confirmed_New_Cases-Footnote_3.pdf)
https://www.barrons.com/articles/tech-stocks-tanked-blame-it-on-the-value-of-the-dollar-51595638215?refsec=the-trader (or go to https://peakcontent.s3-us-west-2.amazonaws.com/+Peak+Commentary/07-27-20_Barrons-Another_Reason_Tech_Stocks_Tanked-A_Weak_Dollar-Footnote_4.pdf)
https://www.dol.gov/ui/data.pdf
https://www.cnbc.com/2020/07/23/weekly-jobless-claims.html
https://insight.factset.com/sp-500-earnings-season-update-july-24-2020
https://www.cdc.gov/globalhealth/immunization/default.htm
https://www.investopedia.com/articles/07/roots_of_money.asp
https://www.msn.com/en-ca/money/topstories/strange-things-used-as-currency-around-the-world/ar-AAjl3UB?li=AAgh0dA
https://www.usmint.gov/learn/kids/coins/fun-facts
https://turbo.intuit.com/blog/relationships/chrometophobia-fear-of-money-4734/
https://www.brainyquote.com/quotes/yogi_berra_106829