Cumberland Advisors Week in Review (Mar 23, 2020 - Mar 27, 2020)

Cumberland Advisors

Sun Mar 29, 2020

The Cumberland Advisors Week in Review is a recap of news, commentary, and opinion from our team.

These are not revised assessments, and circumstances may have changed in the market from the time of original publication. We also include older commentaries that our editors have determined may be of interest to our audience. Your feedback is always welcome.

CUMBERLAND ADVISORS' WEEKLY RECAP

As part of Cumberland Advisors' continuous effort to maintain strong customer relationships, we offer this week's short video discussing current market conditions and how we are positioning portfolios.

</p> <p> </p> <div id="content" class="style-scope ytd-expander"> <div id="description" class="style-scope ytd-video-secondary-info-renderer"><span class="style-scope yt-formatted-string" dir="auto">Thank you for joining Cumberland Advisors for this end-of-week update on market conditions, bonds & equities with Matt McAleer and John Mousseau. </span></div> <div></div> <div class="style-scope ytd-video-secondary-info-renderer"><span class="style-scope yt-formatted-string" dir="auto">First up: Matt McAleer, Cumberland Advisors' Director of Equity Strategies. I'll give you a view of what happened in the stock market this week and what I think might be on the horizon. Keep in mind, there are no fixed scripts for the market. </span></div> <div></div> <div class="style-scope ytd-video-secondary-info-renderer"><span class="style-scope yt-formatted-string" dir="auto">Next up is John Mousseau, Cumberland Advisors' CEO & Director of Fixed Income. Quite a week in the bond market. John also wrote a commentary this week, titled, "The Muni Meltdown Timeline (and the Opportunity It Presents)." If you haven't read it already, here's the link: </span><a class="yt-simple-endpoint style-scope yt-formatted-string" dir="auto" spellcheck="false" href="https://www.cumber.com/cumberland-advisors-market-commentary-the-muni-meltdown-timeline-and-the-opportunity-it-presents/" target="_blank" rel="nofollow noopener noreferrer">https://www.cumber.com/cumberland-advisors-market-commentary-the-muni-meltdown-timeline-and-the-opportunity-it-presents/</a></div> <div></div> <div class="style-scope ytd-video-secondary-info-renderer"><span class="style-scope yt-formatted-string" dir="auto">Please reach out to me (or John) with any questions/comments you may have about this video, I always appreciate your calls, comments, and emails.</span></div> </div> <p> </p> <p>Watch this week's update in the player above or at this link: <a href="https://youtu.be/MzdtUytWcos" target="_blank" rel="noopener noreferrer">https://youtu.be/MzdtUytWcos</a></p> <p>Thank you for joining us at Cumberland Advisors. Be safe.</p> <p><strong>-Matt McAleer</strong></p> <p><em>Matt enjoys your feedback. You can reach him at:</em><br /> -Link to Matt's Email: <a href="mailto:Matthew.McAleer@Cumber.com?subject=Weekly%20Update" target="_blank" rel="noopener noreferrer">Matthew.McAleer@Cumber.com</a><br /> -Link to Matt's Twitter: <a href="https://twitter.com/MattMcAleer4">https://twitter.com/MattMcAleer4</a><br /> -Link to Matt's LinkedIn: <a href="https://www.linkedin.com/in/matthew-c-mcaleer/">https://www.linkedin.com/in/matthew-c-mcaleer/</a><br /> -Call Matt: <a href="tel:800-257-7013p346" target="_blank" rel="noopener noreferrer">(800) 257-7013</a></p> <p>Other questions or comments? Email us at <a href="mailto:info@cumber.com?subject=Comment" target="_blank" rel="noopener noreferrer">info@cumber.com</a> or give us a call at (800) 257-7013.</p> <p><em>Contact Matt or any one of our advisors by following this link: <a href="https://www.cumber.com/our-people/" target="_blank" rel="noopener noreferrer">https://www.cumber.com/our-people/</a> </em></p> <p> </p> <hr /> <hr /> <div class="post-thumbnail"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2017/03/Market-Commentary-672x245.png" alt="Cumberland Advisors Market Commentary" width="672" height="245" /></div> <div class="static_cont_outer"> <p>Cumberland Advisors Market Commentary offers insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies. Our readers appreciate its timeliness, depth of analysis, and quality of research.</p> <p>To read current and past commentaries, visit <a href="https://www.cumber.com/category/market-commentary/" target="_blank" rel="noopener noreferrer">www.cumber.com/category/market-commentary/</a></p> </div> <hr /> <div class="news_row_main clearfix"> <div class="news_right"> <div class="categorysub"> <article id="post-51705" class="post-51705 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-credit-quality tag-municipal-bonds tag-patricia-healy"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-why-states-are-not-going-to-default-from-the-coronavirus-fallout/" rel="bookmark">Cumberland Advisors Market Commentary – Why States Are Not Going to Default from the Coronavirus Fallout</a></h2> <h6><strong>Author:</strong> Patricia Healy, CFA, <strong>Post Date:</strong> March 27, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-why-states-are-not-going-to-default-from-the-coronavirus-fallout/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/03/Market-Commentary-Cumberland-Advisors-Why-States-Are-Not-Going-to-Default-from-the-Coronavirus-Fallout-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/03/Market-Commentary-Cumberland-Advisors-Why-States-Are-Not-Going-to-Default-from-the-Coronavirus-Fallout-672x372.jpg 672w, /sites/default/files/uploads/2020/03/Market-Commentary-Cumberland-Advisors-Why-States-Are-Not-Going-to-Default-from-the-Coronavirus-Fallout-1038x576.jpg 1038w" alt="Market Commentary - Cumberland Advisors - Why States Are Not Going to Default from the Coronavirus Fallout" width="672" height="372" /> </a>In our opinion this is a short-term shock, although it will likely change some behaviors for the long term that will need to be monitored. The initial concern is liquidity, not just in the bond market but also at the state level, where tax payment dates have been extended and economically sensitive revenues such as [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-why-states-are-not-going-to-default-from-the-coronavirus-fallout/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> <p> </p> </div> </article> </div> <div class="categorysub"> <article id="post-51700" class="post-51700 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-bond-market tag-bonds tag-john-r-mousseau tag-treasuries tag-treasurys"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-the-muni-meltdown-timeline-and-the-opportunity-it-presents/" rel="bookmark">Cumberland Advisors Market Commentary – The Muni Meltdown Timeline (and the Opportunity It Presents)</a></h2> <h6><strong>Author:</strong> John R. Mousseau, CFA, <strong>Post Date: </strong>March 26, 2020<a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-the-muni-meltdown-timeline-and-the-opportunity-it-presents/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/03/CA-Market-Commentary-The-Muni-Meltdown-Timeline-and-the-Opportunity-It-Presents-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/03/CA-Market-Commentary-The-Muni-Meltdown-Timeline-and-the-Opportunity-It-Presents-672x372.jpg 672w, /sites/default/files/uploads/2020/03/CA-Market-Commentary-The-Muni-Meltdown-Timeline-and-the-Opportunity-It-Presents-1038x576.jpg 1038w" alt="CA-Market-Commentary-The Muni Meltdown Timeline (and the Opportunity It Presents)" width="672" height="372" /> </a>The Municipal Bond Market has suffered one of the most dramatic back-offs it has ever seen; and it was accomplished in about nine business days. The rise in yields has been dramatic and fierce and had lots of elements to it. This is a quick synopsis of some of the muni meltdown. As of Monday [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-the-muni-meltdown-timeline-and-the-opportunity-it-presents/" target="_blank" rel="noopener noreferrer">Continued…</a>]</h6> </header> <div class="entry-summary"> <p> </p> </div> </article> </div> <div class="categorysub"> <article id="post-51707" class="post-51707 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-repo-market tag-robert-eisenbeis"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/fed-outstanding-repo-transactions-march-2020/" rel="bookmark">Fed Outstanding Repo Transactions March 2020</a></h2> <h6><strong>Author:</strong> Robert Eisenbeis, Ph.D., <strong>Post Date: </strong>March 27, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/fed-outstanding-repo-transactions-march-2020/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2017/12/Cumberland-White-Logo-Blue-BG-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2017/12/Cumberland-White-Logo-Blue-BG-672x372.jpg 672w, /sites/default/files/uploads/2017/12/Cumberland-White-Logo-Blue-BG-1038x576.jpg 1038w" alt="Cumberland Advisors' Robert "Bob" Eisenbeis, Ph.D." width="672" height="372" /> </a>Fed Outstanding Repo Transactions March 3 – March 27 Today, not only was the daily repo proposal very small, but also there were no proposals for the potential $500 Billion 84 day repos. (<a href="https://www.cumber.com/fed-outstanding-repo-transactions-march-2020/" target="_blank" rel="noopener noreferrer">Chart Link</a>)</p> </div> </article> </div> <div class="categorysub"> <article id="post-51663" class="post-51663 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-coronavirus tag-covid-19 tag-david-r-kotok"> <header class="entry-header"> <div class="entry-meta"></div> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-antibodies-covid-19-krammer-laboratory/" rel="bookmark">Cumberland Advisors Market Commentary – Antibodies-COVID-19 | Krammer Laboratory</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> March 24, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-antibodies-covid-19-krammer-laboratory/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/03/CA-Market-Commentary-Antibodies-COVID-19-Krammer-Laboratory-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/03/CA-Market-Commentary-Antibodies-COVID-19-Krammer-Laboratory-672x372.jpg 672w, /sites/default/files/uploads/2020/03/CA-Market-Commentary-Antibodies-COVID-19-Krammer-Laboratory-1038x576.jpg 1038w" alt="Antibodies-COVID-19 Krammer Laboratory" width="672" height="372" /> </a>An Antibodies Test: A Vital Weapon in the Fight Against COVID-19. While the US continues to struggle without enough diagnostic tests for COVID-19, the quest continues for a different holy grail, a test to tell us who has already been exposed to the virus and now has some immunity. The exciting news on the serologic [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-antibodies-covid-19-krammer-laboratory/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> </div> </article> </div> <div class="categorysub"> <article id="post-51652" class="post-51652 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-cdc tag-cdc-foundation tag-david-r-kotok tag-judith-monroe"> <header class="entry-header"> <div class="entry-meta"></div> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-the-cdc-foundation/" rel="bookmark">Cumberland Advisors Market Commentary – The CDC Foundation</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date: </strong>March 23, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-the-cdc-foundation/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2018/08/CDC-Judy-David-Play.jpg" sizes="(max-width: 560px) 100vw, 560px" srcset="/sites/default/files/uploads/2018/08/CDC-Judy-David-Play.jpg 560w, /sites/default/files/uploads/2018/08/CDC-Judy-David-Play-300x169.jpg 300w" alt="CDC Foundation Dr Judy Monroe & David Kotok" width="560" height="315" /> </a>Dear readers. The CDC Foundation is not widely known. It’s a 501(c)3 that was created by Congress as a special charitable agency. The Foundation works right alongside the CDC and other national health agencies but is an independent charity. It has a special-purpose charter. Its purpose is to respond rapidly to threats like COVID-19 or [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-the-cdc-foundation/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> </div> </article> </div> <div class="categorysub"> <article id="post-51648" class="post-51648 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-william-witherell"> <header class="entry-header"> <div class="entry-meta"></div> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-international-stock-markets-first-quarter-2020/" rel="bookmark">Cumberland Advisors Market Commentary – International Stock Markets, First Quarter, 2020</a></h2> <h6><strong>Author:</strong> William Witherell, Ph.D., <strong>Post Date:</strong> March 23, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-international-stock-markets-first-quarter-2020/"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/03/Market-Commentary-Cumberland-Advisors-2020-Q1-Strategy-Reviews-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/03/Market-Commentary-Cumberland-Advisors-2020-Q1-Strategy-Reviews-672x372.jpg 672w, /sites/default/files/uploads/2020/03/Market-Commentary-Cumberland-Advisors-2020-Q1-Strategy-Reviews-1038x576.jpg 1038w" alt="Market Commentary - Cumberland Advisors - 2020 Q1 Strategy Reviews" width="672" height="372" /></a>International stock markets, like the US market, started the year on an optimistic note. The global slump in manufacturing appeared to be bottoming, and trade relations were easing. The first quarter is ending, however, with global equities experiencing dramatic losses and volatility surging across all market classes. As this is written (March 20), stocks in [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-international-stock-markets-first-quarter-2020/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> </div> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-guest-commentary-is-there-a-covid-19-signal-in-climate-data-is-it-potential-good-news-for-florida/" rel="bookmark">Cumberland Advisors Guest Commentary – Is There A COVID-19 Signal in Climate Data & Is It Potential Good News for Florida?</a></h2> <h6><strong>Author:</strong> Bob Bunting, <strong>Post Date: March 20, 2020</strong></h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-guest-commentary-is-there-a-covid-19-signal-in-climate-data-is-it-potential-good-news-for-florida/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/03/Is-There-A-COVID-19-Signal-in-Climate-Data-Is-It-Potential-Good-News-for-Florida-Bunting-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/03/Is-There-A-COVID-19-Signal-in-Climate-Data-Is-It-Potential-Good-News-for-Florida-Bunting-672x372.jpg 672w, /sites/default/files/uploads/2020/03/Is-There-A-COVID-19-Signal-in-Climate-Data-Is-It-Potential-Good-News-for-Florida-Bunting-1038x576.jpg 1038w" alt="Is There A COVID-19 Signal in Climate Data & Is It Potential Good News for Florida - Bunting" width="672" height="372" /> </a>Our colleague Bob Bunting, meteorologist, professor, and former executive at both the National Oceanic and Atmospheric Administration (NOAA) and the National Center for Atmospheric Research (NCAR), is CEO of the Climate Adaptation Center (CAC) here in Sarasota, Florida. Bob has contributed several guest commentaries to Cumberland in recent years, including “It’s Hot and Getting Hotter [<a href="https://www.cumber.com/cumberland-advisors-guest-commentary-is-there-a-covid-19-signal-in-climate-data-is-it-potential-good-news-for-florida/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> </div> </article> </div> <hr /> <p><a href="https://youtu.be/Sff0AGPrIJQ"><img class="aligncenter wp-image-51730 size-large" src="/sites/default/files/uploads/2020/03/Market-Commentary-Cumberland-Advisors-Camp-Kotok-China-Panel-Discussion-1024x586.jpg" alt="Cumberland Advisors - Camp Kotok China Panel Discussion" width="474" height="271" /></a>No lectern, no PowerPoint. The China Panel is public and in the public domain. The press and public are free to use the video footage and quote the speakers across social media and elsewhere.</p> <p>The August 2019 China panel held at Camp Kotok packed an extraordinary amount of valuable information into a half hour and is well worth the time you’ll spend to view it: <a href="https://youtu.be/Sff0AGPrIJQ" target="_blank" rel="noopener noreferrer">https://youtu.be/Sff0AGPrIJQ</a></p> <p>This Camp Kotok talk session features panelists Michael Drury (Chief Economist for McVean Trading & Investments, LLC.), Jonathan D. T. Ward (Founder of Atlas Organization), & Leland Miller (CEO China Beige Book), all offering their take on U.S.-China relations. The panel and audience Q&A are guided by moderator, Lisa McIntire Shaw. <<a href="https://www.cumber.com/cumberland-advisors-market-commentary-china-panel-at-camp-kotok/" target="_blank" rel="noopener noreferrer">More...</a>></p> <hr /> <p>Links to other websites or electronic media controlled or offered by Third-Parties (non-affiliates of Cumberland Advisors) are provided only as a reference and courtesy to our users. Cumberland Advisors has no control over such websites, does not recommend or endorse any opinions, ideas, products, information, or content of such sites, and makes no warranties as to the accuracy, completeness, reliability or suitability of their content. Cumberland Advisors hereby disclaims liability for any information, materials, products or services posted or offered at any of the Third-Party websites. The Third-Party may have a privacy and/or security policy different from that of Cumberland Advisors. Therefore, please refer to the specific privacy and security policies of the Third-Party when accessing their websites.</p> <p><strong>Sign up for our <a href="https://www.cumber.com/market-commentary-email-sign-up">FREE Cumberland Market Commentaries</a></strong></p> <p>Cumberland Advisors Market Commentaries offer insights and analysis on upcoming, important economic issues that potentially impact global financial markets. Our team shares their thinking on global economic developments, market news and other factors that often influence investment opportunities and strategies.</p> </div> </div>

Material and commentaries published in the past may or may not be helpful in analyzing current economic or financial market activity. Please note publishing date when reviewing materials. Please email [email protected] for our current thoughts or to reach an advisor.

Cumberland Advisors Week in Review (Mar 23, 2020 - Mar 27, 2020)

CUMBERLAND ADVISORS' WEEKLY RECAP

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