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Succinct Summation of Week’s Events 11.20.20

Summary:
Succinct Summations for the week ending November 20th, 2020 Positives: 1. Pfizer and Moderna vaccine progress teases a return to post-pandemic normal (mid-2021?).2. Recounts and litigation options all but exhausted, this period of election uncertainty is close to its end.3. Index of Leading Economic Indicators rose 0.7% 2nd month running.4. Home mortgage apps rose 4.0% w/o/w.5. Housing starts rose to an annual rate of 1.530M in October.6. Existing home sales rose to an annual rate of 6.850M.7. Industrial production rose 1.1% m/o/m. Negatives: 1. Failing to concede his loss, the President’s unprecedented attempt to overturn election results is both globally embarrassing and nationally dangerous, a threat to the peaceful transfer of power.2. Record high covid infections and hospitalizations

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Succinct Summations for the week ending November 20th, 2020

Positives:

1. Pfizer and Moderna vaccine progress teases a return to post-pandemic normal (mid-2021?).
2. Recounts and litigation options all but exhausted, this period of election uncertainty is close to its end.
3. Index of Leading Economic Indicators rose 0.7% 2nd month running.
4. Home mortgage apps rose 4.0% w/o/w.
5. Housing starts rose to an annual rate of 1.530M in October.
6. Existing home sales rose to an annual rate of 6.850M.
7. Industrial production rose 1.1% m/o/m.

Negatives:

1. Failing to concede his loss, the President’s unprecedented attempt to overturn election results is both globally embarrassing and nationally dangerous, a threat to the peaceful transfer of power.
2. Record high covid infections and hospitalizations will lead to higher death counts in 10 days;
3. E-Commerce retail sales fell 1.0% q/o/q.
4. Retail sales rose 0.3% m/o/m.
5. Jobless claims rose 31k w/o/w from 711k to 742k.

Thanks, Matt!

S&P500 YTD Percentage Change

Source: YCharts

Barry Ritholtz
Barry L. Ritholtz is the founder and chief investment officer of Ritholtz Wealth Management. Launched in 2013, RWM is a financial planning and asset management firm, with over $175 million in assets. The firm offers a variety of services to the investing public, including LiftOff — a low cost online-only investment site.

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