Supercanes and Asteroids…Neither of these things could move a stock market that’s too big to fail. If asset prices aren’t elevated as per status quo, the weakness is immediately met by Central Bank action, national legislature or Robinhood call buyers of Apple, Amazon, Google, Facebook etc. This morning looked as though we would see a bit of a rotation actually, as Apple turned negative, along with The Nasdaq. However, plasma treatment optimism allowed everybody from Apple and The Nasdaq to The Dow bounce off their lows and hold levels well into the green. Everybody except for Tesla (-1.4%), whose stock is splitting this week, but whose shares are up about 50% since the announcement on August 11th. While the corona treatment optimism has boosted this week’s beginning, the highlight will be the virtual “Jackson Hole” gathering on Thursday and Friday, where the theme this year is “Navigating the Decade Ahead: Implications for Monetary Policy.” Inflation strategy is the name of the game. Also, this week, 2 major storms – Marco and Laura are forming a “supercane” around the Gulf Coast, which, in a year like 2020, could be pivotal.
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