{"id":55616,"date":"2020-11-14T07:42:50","date_gmt":"2020-11-14T12:42:50","guid":{"rendered":"https:\/\/olduvai.ca\/?p=55616"},"modified":"2020-11-14T07:42:50","modified_gmt":"2020-11-14T12:42:50","slug":"weekly-commentary-well-thats-some-weird-stuff","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=55616","title":{"rendered":"Weekly Commentary: Well, That\u2019s Some Weird\u2026 Stuff"},"content":{"rendered":"<h3 class=\"post-title entry-title\"><a href=\"http:\/\/creditbubblebulletin.blogspot.com\/2020\/11\/weekly-commentary-well-thats-some-weird.html\">Weekly Commentary: Well, That\u2019s Some Weird\u2026 Stuff<\/a><\/h3>\n<div class=\"post-header\">\n<div class=\"post-header-line-1\">The \u201caverage stock\u201d Value Line Arithmetic Index jumped 6.4% for the week. The NYSE Arca Oil Index surged 19.8%, with the Philadelphia Oil Services Index up 17.4%. The KWB Bank Index rose 11.5%, as the Nasdaq Bank Index advanced 13.6%. The Bloomberg REIT Index jumped 6.8%.<\/div>\n<\/div>\n<div id=\"post-body-8306449966463924044\" class=\"post-body entry-content\">\nThe S&amp;P600 Small Cap Index gained 7.5% for the week, as the S&amp;P400 Midcaps rose 4.3%. The Bloomberg Americas Airlines Index jumped 12.9%. The JPMorgan Leisure Travel Index surged 15.3%. Major equities indices rose 13.3% in Spain, 11.9% in Austria, 11.5% in Greece, 10.5% in Belgium, 8.5% in France, 6.9% in the UK and 4.8% in Germany. Turkish stocks surged 8.3%. Crude (WTI) prices jumped 8.1%. Meanwhile, Zoom was down 19%, Netflix 6.2%, Facebook 5.6%, Amazon 5.5%, and Tesla fell 5.0%. Well, That\u2019s Some Weird\u2026 Stuff.<\/p>\n<p>I have no interest in disparaging Pfizer\u2019s (and BioNtech\u2019s) Monday announcement of 90% effectiveness for their Covid vaccine. It\u2019s encouraging news. But it is a two-shot vaccine with what reportedly can induce strong post-shot reactions. Moreover, logistical challenges await a vaccine requiring extreme cold storage (negative 100 Fahrenheit). There will be limits to its availability, but mainly I expect a majority of American\u2019s initially to approach Covid vaccines with caution. While many questions remain unanswered, the bottom line is 90% effectiveness bodes well for Covid vaccines generally.<\/p>\n<p>Monday\u2019s market reaction to the news doesn\u2019t bode so well for general market stability.<\/p>\n<p><i>November 13 \u2013 Bloomberg (Justina Lee): \u201cJon Quigley says he probably should have known something big was coming &#8212; even if his risk models didn\u2019t. Just a day after the Great Lakes Advisors manager watched CBS\u2019s \u201860 Minutes\u2019 about America\u2019s unprecedented efforts to deploy a vaccine when it comes, Pfizer Inc. revealed significant progress on its pandemic cure. That revelation spurred the biggest moves ever in Quigley\u2019s $3.9 billion portfolio. While stock benchmarks cheered the news, Wall Street\u2019s most popular styles of quant trading got hit by a historic storm&#8230;<\/i><\/div>\n<div>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Weekly Commentary: Well, That\u2019s Some Weird\u2026 Stuff The \u201caverage stock\u201d Value Line Arithmetic Index jumped 6.4% for the week. The NYSE Arca Oil Index surged 19.8%, with the Philadelphia Oil Services Index up 17.4%. The KWB Bank Index rose 11.5%, as the Nasdaq Bank Index advanced 13.6%. The Bloomberg REIT Index jumped 6.8%. The S&amp;P600 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[7756,16861,1849],"class_list":["post-55616","post","type-post","status-publish","format-standard","hentry","category-economics","tag-credit-bubble-bulletin","tag-doug-noland","tag-financial-markets"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55616","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55616"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55616\/revisions"}],"predecessor-version":[{"id":55617,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/55616\/revisions\/55617"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}