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Commentary for 10/28/2020

Altavest Daily Comments 10.28.20

Traders appear to be focused on how the next phase of the pandemic is likely to play out. Asian markets were mixed. The Nikkei 225 fell -0.29% but the Shanghai Composite moved up +0.46%.
With covid-19 cases setting a series of records in some European countries, European stocks sold off. The DAX sank -4.17%. 10-yr Bunds yield
-0.624%.
The MBA Mortgage Applications Index for 10/23 was up +1.7%. Advance September International Trade in Goods showed the U.S. trade deficit narrowed from $83B to $79.4B, vs. expectations of $83.5B. Retail Inventories printed at +1.6% and Wholesale Inventories at -0.1%. The EIA reported that crude inventories for 10/23 at 4.3M bbls.
10-Year Notes yield 0.771%. The Dec. US$ Index jumped +0.57% to 93.455. Dec. gold lost -1.81% to $1,877.30. Dec. crude plunged by -5.69% to $37.32.
After today’s selloff in the ES, the October gains are now gone. The “lockdown trade” is re-emerging. Continued headlines about record case numbers of covid-19 sent stocks lower. Shares of major tech companies also attracted sellers as their CEO’s are testifying before a Senate Commerce Committee. Stocks closed on the lows.

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