The economic calendar is light with a focus on housing reports. These are becoming interesting again since we are getting a look at data that reflects the crisis effects.

The reopening of the economy will continue as the leading story. What will be the safeguards in reopening businesses and the precautions taken by those venturing out? Many will worry about a rebound in COVID19 cases. Others want to see improvement, and they want it right now!

Dr. Anthony Fauci: “…(Y)ou’ve got to understand that you don’t make the timeline, the virus makes the timeline.”

The virus timeline ripples through the pace of reopening, the economic impact, the need for government action, corporate earnings. And finally, of course, financial markets.

There are no shortcuts.

Last Week Recap

In my last installment of WTWA, I analyzed the rebound in stocks and summarized the various roadblocks faced by the long-term investor. There were many stories on this theme, but no one else is really pulling them all together.

The Story in One Chart

I always start my personal review of the week by looking at a great chart. This week I am featuring Jill Mislinski’s version, an excellent combination of the most important information.

The market lost 2.3% on the week. The trading range was 6.5%, up from the last several weeks. You can monitor these along with historical comparisons in my weekly Indicator Snapshot (below).

Here is Jill’s chart showing drawdowns. For those expecting a return to the March low, it suggests an interesting wager. With the market actually closer to the record high, which is more likely?

Personal Note

Rather than taking off completely this weekend, I am providing a “short form” version of WTWA. I am hitting the most important highlights and reporting progress on my continuing research efforts, available to readers at no charge.