Weekly Wrap: Cheeseburger in Paradise

Weekly — November 2

The market offered a quick and rude response to the question posed in our strategy weekly of 26 October (title: “Where’s the consolidation?”) with a 4.4% correction to the Oct 29 low before a modest recovery to reach 925 points to close out the week. Volatility may persist this week given the global resurgence of COVID-19 and the imminent US elections. On the latter event, we plan to pay close attention to the result in Florida on Wednesday afternoon and are hoping (and praying) for a decisive win by either candidate to preclude a delayed, uncertain, and viciously contested result.