We have a normal economic calendar, and the earnings season is winding down. There is interesting data on housing and retail sales – the strong parts of the current economy. Jobless claims remain important as does industrial production.

The economic calendar remains less interesting than politics, market gyrations, and the coronavirus. Those will be the media topics. A bigger challenge is finding a way to identify what is important and to determine the causal relationships.

It is time to innovate. We should all be asking:

What can we learn from Swiss Cheese?

Last Week Summary

In my last installment of WTWA, I warned about following the emotional tantrums of Mr. Market. This was good preparation for Monday’s stock market action. Before the opening Pfizer released news about its COVID-19 vaccine trial – 90% effective in creating immunity for the large test group. This is great news, of course, and the market reaction was swift.

This did not capture the cruise line moves – up 30%!

Here is a look at sector effects.

Mr. Market changed his mind on Tuesday, and some of the effect was reversed. Cruise lines were down 10%. It was exciting but not predictable.