Cumberland Advisors Week in Review (May 18, 2020 - May 22, 2020)

Cumberland Advisors

Sun May 24, 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> <div id="content" class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">Dear Clients & Friends, </span></div> <div></div> <div class="style-scope ytd-expander"><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-expander"><span class="style-scope yt-formatted-string" dir="auto">John and Matt are back at the office, taking turns on camera so they can continue to inform you and practice safe social distancing. Their takes follow. </span></div> <div></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">John Mousseau's Update on the Fixed Income Market</span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto"> -Fairly calm. -10yr & 30yr ticked up this week </span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">-Real story is with tax-free bonds and a bump of 15/17 bps </span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">-Narrowing of spreads between markets </span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">-We expect gap to continue to close as things improve overall in the economy </span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">-There's talk of more help for state/local gov'ts </span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">-The MTA in NY was able to access the Fed's short-term note program </span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">-Deals were oversubscribed this week by up to 7-times </span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">-We predict an eventual rise in taxes, no matter who is in the White House </span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">-A rise in the Federal Marginal Top Tax Rate will boost the value of all Municipal Bonds, all other things being equal. </span></div> <div></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">Matt McAleer on Equities</span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">-We had a pretty good bid this week; most of it Monday on vaccine news </span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">-Now on to discuss how we're positioned in strategies</span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto"> -US Equity Strategy -International Strategy</span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto"> -Tactical Trend Strategy -Blend of US Portfolios & Fixed Income </span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">-What about Biotech?</span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto"> -We are cautious and we try not to get "beyond our headlights" </span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">-We're back to 2950 with a whole new basket of headaches</span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto"> -Are we too far "over our skis" in the Equity Market?</span></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto"> -Matt's Mantra on Capital Allocation: We want to allocate capital on pullbacks to sectors that are working </span></div> <div></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">Thanks for joining us again this week. Please reach out with any questions/comments you may have about this update; we appreciate your calls, comments, and emails. Watch in the player above or at this link: <a href="https://youtu.be/rQ8F7kpbios" target="_blank" rel="noopener noreferrer">https://youtu.be/rQ8F7kpbios</a></span></div> <div></div> <div class="style-scope ytd-expander"><span class="style-scope yt-formatted-string" dir="auto">Stay safe, healthy, and have a great weekend.</span></div> <div></div> <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 /> <h1><img class="aligncenter size-full wp-image-39870" src="/sites/default/files/uploads/2014/12/InTheNewsLarge.jpg" alt="Cumberland Advisors In The News" width="685" height="376" /></h1> <div class="news_row_main clearfix"> <div class="news_right"> <div class="news_row_main clearfix"> <div class="news_right"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/bondbuyer-municipal-short-end-rally-grinds-on/" target="_blank" rel="noopener noreferrer">BondBuyer – Municipal short-end rally grinds on</a></h2> <p>Quoted: John R. Mousseau, CFA | Posted on: 05/20/2020 <a class="read" href="https://www.cumber.com/bondbuyer-municipal-short-end-rally-grinds-on/" target="_blank" rel="noopener noreferrer"> <span class="left_go"><img src="https://www.cumber.com/wp-content/themes/cumberland_advisor/images/small_arrow2.png" alt="" /></span> read more <span class="right_go"><img src="https://www.cumber.com/wp-content/themes/cumberland_advisor/images/small_arrow3.png" alt="" /></span> </a></p> </div> </div> <div class="news_row_main clearfix"> <div class="news_right"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/barrons-wave-of-covid-19-bankruptcies-poses-next-threat-to-us-economy/" target="_blank" rel="noopener noreferrer">Barron’s – Wave Of COVID-19 Bankruptcies Poses Next Threat To US Economy</a></h2> <p>Quoted: David R. Kotok | Posted on: 05/14/2020 <a class="read" href="https://www.cumber.com/barrons-wave-of-covid-19-bankruptcies-poses-next-threat-to-us-economy/" target="_blank" rel="noopener noreferrer"> <span class="left_go"><img src="https://www.cumber.com/wp-content/themes/cumberland_advisor/images/small_arrow2.png" alt="" /></span> read more <span class="right_go"><img src="https://www.cumber.com/wp-content/themes/cumberland_advisor/images/small_arrow3.png" alt="" /></span> </a></p> </div> </div> <div class="news_row_main clearfix"> <div class="news_right"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/robert-eisenbeis-too-early-to-tell-on-financial-relief-programs-in-pandemic/" target="_blank" rel="noopener noreferrer">ROBERT EISENBEIS: Too early to tell on financial relief programs in pandemic</a></h2> <p>Quoted: Robert Eisenbeis, Ph.D. | Posted on: 05/11/2020 <a class="read" href="https://www.cumber.com/robert-eisenbeis-too-early-to-tell-on-financial-relief-programs-in-pandemic/" target="_blank" rel="noopener noreferrer"> <span class="left_go"><img src="https://www.cumber.com/wp-content/themes/cumberland_advisor/images/small_arrow2.png" alt="" /></span> read more <span class="right_go"><img src="https://www.cumber.com/wp-content/themes/cumberland_advisor/images/small_arrow3.png" alt="" /></span> </a></p> </div> </div> </div> <h2 class="inner_text_heading"><a href="https://www.cumber.com/illinois-to-sell-debt-as-fiscal-woes-worsen-in-coronavirus-outbreak/" target="_blank" rel="noopener noreferrer">Illinois to sell debt as fiscal woes worsen in coronavirus outbreak</a></h2> <p>Quoted: John R. Mousseau, CFA | Posted on: 05/07/2020 <a class="read" href="https://www.cumber.com/illinois-to-sell-debt-as-fiscal-woes-worsen-in-coronavirus-outbreak/" target="_blank" rel="noopener noreferrer"> <span class="left_go"><img src="https://www.cumber.com/wp-content/themes/cumberland_advisor/images/small_arrow2.png" alt="" /></span> read more <span class="right_go"><img src="https://www.cumber.com/wp-content/themes/cumberland_advisor/images/small_arrow3.png" alt="" /></span> </a></p> </div> <div class="news_row_main clearfix"> <div class="news_right"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/bondbuyer-dislocations-in-trading-pricing-remain-in-municipal-market/" target="_blank" rel="noopener noreferrer">BondBuyer – Dislocations in trading, pricing remain in municipal market</a></h2> <p>Quoted: John R. Mousseau, CFA | Posted on: 04/30/2020 <a class="read" href="https://www.cumber.com/bondbuyer-dislocations-in-trading-pricing-remain-in-municipal-market/" target="_blank" rel="noopener noreferrer"> <span class="left_go"><img src="https://www.cumber.com/wp-content/themes/cumberland_advisor/images/small_arrow2.png" alt="" /></span> read more <span class="right_go"><img src="https://www.cumber.com/wp-content/themes/cumberland_advisor/images/small_arrow3.png" alt="" /></span> </a></p> </div> </div> <div class="news_row_main clearfix"> <div class="news_right"></div> </div> <p><strong>More News About Cumberland Advisors Here:</strong> <a href="https://www.cumber.com/news" target="_blank" rel="noopener noreferrer">https://www.cumber.com/news</a></p> <hr /> <div class="post-thumbnail"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" 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">https://www.cumber.com/category/market-commentary/</a></p> </div> <p> </p> <hr /> <div class="categorysub"> <article id="post-52180" class="post-52180 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary"> <header class="entry-header"> <div class="categorysub"> <article id="post-52283" class="post-52283 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-china tag-coronavirus tag-covid-19 tag-trade-war tag-william-witherell"> <header class="entry-header"> <div class="categorysub"> <article id="post-52338" class="post-52338 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-economy tag-inflation tag-robert-eisenbeis"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-inflation-and-capacity-utilization/" rel="bookmark">Inflation and Capacity Utilization</a></h2> <h6><strong>Author:</strong> Robert Eisenbeis, Ph.D. & David R. Kotok, <strong>Post Date:</strong> May 22, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-inflation-and-capacity-utilization/"> <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></p> <p>At Cumberland, we continuously have internal strategy discussions. We decided to make one such discussion, on the subject of inflation and US capacity utilization, available in the form of a commentary to clients, consultants, and all readers. Below you’ll find a summation of our discussion, written by Bob Eisenbeis, Cumberland Advisors Chief Monetary Economist. -David [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-inflation-and-capacity-utilization/">Continued…</a>]</p> </div> </article> </div> <div class="categorysub"> <article id="post-52323" class="post-52323 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-coronavirus tag-covid-19 tag-david-r-kotok tag-senate"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-covid-19-stock-market-some-senators-behavior/" rel="bookmark">COVID-19, stock market, some Senators’ behavior</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> May 21, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-covid-19-stock-market-some-senators-behavior/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2019/05/CA-David-Kotok-With-Description-Blue-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2019/05/CA-David-Kotok-With-Description-Blue-672x372.jpg 672w, /sites/default/files/uploads/2019/05/CA-David-Kotok-With-Description-Blue-1038x576.jpg 1038w" alt="David R. Kotok" width="672" height="372" /> </a></p> <p>It’s no wonder that citizens, voters and disaffected non-voters, investors and market agents, as well as others who observe the United States, have a low opinion of the Congress. Behavior of one reflects on all. Nothing new there. But the virus crisis has taken regard for Congress to a new low level as the country [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-covid-19-stock-market-some-senators-behavior/">Continued…</a>]</p> </div> </article> </div> <div class="categorysub"> <article id="post-52331" class="post-52331 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-brazil tag-coronavirus tag-covid-19 tag-jair-bolsonaro tag-latin-america tag-oecd tag-william-witherell"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-cry-for-brazil-and-also-for-latin-america/" rel="bookmark">Cry for Brazil, and also for Latin America</a></h2> <h6><strong>Author:</strong> William Witherell, Ph.D., <strong>Post Date:</strong> May 20, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-cry-for-brazil-and-also-for-latin-america/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/05/Market-Commentary-Cumberland-Advisors-Cry-for-Brazil-and-also-for-Latin-America-by-William-Witherell-Ph.D-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/05/Market-Commentary-Cumberland-Advisors-Cry-for-Brazil-and-also-for-Latin-America-by-William-Witherell-Ph.D-672x372.jpg 672w, /sites/default/files/uploads/2020/05/Market-Commentary-Cumberland-Advisors-Cry-for-Brazil-and-also-for-Latin-America-by-William-Witherell-Ph.D-1038x576.jpg 1038w" alt="Market Commentary - Cumberland Advisors - Cry for Brazil, and also for Latin America by William Witherell, Ph.D" width="672" height="372" /> </a></p> <p>The coronavirus is tearing through Brazil, a country ill-equipped to fight the pandemic. It’s hard-right populist leader, Jair Bolsonaro, has dismissed the virus as a “little flu.” COVID-19 is spreading through the population of 210 million, savaging both the inhabitants of the indigenous villages of the Amazon and the 13 million people packed together in [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-cry-for-brazil-and-also-for-latin-america/">Continued…</a>]</p> </div> </article> </div> <div class="categorysub"> <article id="post-52321" class="post-52321 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-coronavirus tag-covid-19 tag-david-r-kotok tag-zika"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-zika-vaccine/" rel="bookmark">Zika Vaccine</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> May 19, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-zika-vaccine/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2019/02/Zika-Web-Banner-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2019/02/Zika-Web-Banner-672x372.jpg 672w, /sites/default/files/uploads/2019/02/Zika-Web-Banner-1038x576.jpg 1038w" alt="Zika-Pamphlet-by-David-R-Kotok" width="672" height="372" /> </a></p> <p>What seems like ages ago, we wrote about Zika. Multiple commentaries became a pamphlet which was and is available free. Here’s the link: https://www.cumber.com/zika/. In that pamphlet is a chapter about how a political fight held up Zika vaccine research for a year. The costs in human and monetary terms are estimated in the pamphlet. [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-zika-vaccine/">Continued…</a>]</p> </div> </article> </div> <div class="categorysub"> <article id="post-52305" class="post-52305 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-deflation tag-federal-reserve tag-inflation tag-robert-eisenbeis"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-inflation-deflation-what-do-we-know-now/" rel="bookmark">Inflation/Deflation: What Do We Know Now?</a></h2> <h6><strong>Author:</strong> Robert Eisenbeis, Ph.D., <strong>Post Date:</strong> May 18, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-inflation-deflation-what-do-we-know-now/"> <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></p> <p>The most recent CPI numbers show a decline of 0.8% for the month of April, triggering questions about both a possible deflation and where prices are likely to go in the future. The fact is that no one knows what inflation will do in the short run, and all we have to go on, as [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-inflation-deflation-what-do-we-know-now/">Continued…</a>]</p> </div> </article> </div> <div class="categorysub"> <article id="post-52299" class="post-52299 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"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-good-morning-to-betsy-and-to-liz/" rel="bookmark">Good Morning to Betsy and to Liz</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> May 17, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-good-morning-to-betsy-and-to-liz/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/05/Guest-Commentary-Cumberland-Advisors-Good-Morning-to-Betsy-and-to-Liz-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/05/Guest-Commentary-Cumberland-Advisors-Good-Morning-to-Betsy-and-to-Liz-672x372.jpg 672w, /sites/default/files/uploads/2020/05/Guest-Commentary-Cumberland-Advisors-Good-Morning-to-Betsy-and-to-Liz-1038x576.jpg 1038w" alt="Guest Commentary - Cumberland Advisors - Good Morning to Betsy and to Liz" width="672" height="372" /> </a></p> <p>My friend Betsy emailed me and said, “You’re having too much fun.” Thank you, Betsy. You are correct, as usual. Dear Readers, we have to maintain some sense of something or other (joie de vivre, perhaps) during this constant barrage from the news flow. The Sunday morning missives started with “Daffodils” (https://www.cumber.com/cumberland-advisors-market-commentary-daffodils/). The response to [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-good-morning-to-betsy-and-to-liz/">Continued…</a>]</p> </div> </article> </div> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-risking-an-investment-war-with-china/" rel="bookmark">Risking an Investment War with China</a></h2> <h6><strong>Author:</strong> William Witherell, Ph.D., <strong>Post Date:</strong> May 15, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-risking-an-investment-war-with-china/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/05/Market-Commentary-Cumberland-Advisors-Risking-an-Investment-War-with-China-by-William-Witherell-Ph.D-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/05/Market-Commentary-Cumberland-Advisors-Risking-an-Investment-War-with-China-by-William-Witherell-Ph.D-672x372.jpg 672w, /sites/default/files/uploads/2020/05/Market-Commentary-Cumberland-Advisors-Risking-an-Investment-War-with-China-by-William-Witherell-Ph.D-1038x576.jpg 1038w" alt="Market Commentary - Cumberland Advisors - Risking an Investment War with China by William Witherell, Ph.D" width="672" height="372" /> </a></p> <p>Not having learned the costly lessons of a US-China trade war, the US government has now taken action that risks triggering an investment war with China that could have serious negative effects on the economies of both countries at a time when each will be seeking to recover from the heavy impacts of the COVID-19 [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-risking-an-investment-war-with-china/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> </div> </article> </div> <div class="categorysub"> <article id="post-52264" class="post-52264 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-china tag-clinton tag-covid-19 tag-david-r-kotok tag-manufacturing tag-pharmaceuticals tag-puerto-rico tag-trade-war tag-wuhan"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-trump-opportunity-puerto-rico-pharma/" rel="bookmark">Trump Opportunity, Puerto Rico, Pharma</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> May 13, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-trump-opportunity-puerto-rico-pharma/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/05/Cumberland-Advisors-Market-Commentary-Trump-Opportunity-Puerto-Rico-Pharma-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/05/Cumberland-Advisors-Market-Commentary-Trump-Opportunity-Puerto-Rico-Pharma-672x372.jpg 672w, /sites/default/files/uploads/2020/05/Cumberland-Advisors-Market-Commentary-Trump-Opportunity-Puerto-Rico-Pharma-1038x576.jpg 1038w" alt="Trump Opportunity, Puerto Rico, Pharma" width="672" height="372" /> </a></p> <p>My friend Dennis Gartman had a guest commentary in the wonderful and comprehensive monthly research publication offered by Gary Shilling (www.agaryshilling.com) and thoughtfully assembled and edited by Fred Rossi. I thank both Gary and Fred for permission to quote their work. Dennis wrote: “Puerto Rico shall be a huge winner, for it was only a [<a href="https://www.cumber.com/cumberland-advisors-market-commentary-trump-opportunity-puerto-rico-pharma/" target="_blank" rel="noopener noreferrer">Continued…</a>]</p> </div> </article> </div> </header> </article> </div> <div class="categorysub"> <article id="post-52099" class="post-52099 post type-post status-publish format-standard has-post-thumbnail hentry category-market-commentary tag-commercial-paper-funding-facility tag-economy tag-federal-reserve tag-money-market-fund-liquidity-facility tag-paycheck-protection-program tag-ppp-liquidity-program tag-primary-dealer-credit-facility tag-robert-eisenbeis tag-term-asset-backed-securities-loan-facility"> <header class="entry-header"> <div class="entry-meta"></div> </header> </article> </div> <hr /> <p>Cumberland Advisors HQ is in Sarasota, Fla., and we're preparing for another hurricane season starting June 6th along with the COVID-19 precautions the rest of the country is engaged in. Here's a look back at Cumberland Advisors' small, fact-finding group that went to Key West and five other Keys that were hit by Hurricane Irma. We spoke to many locals, park officials, business owners, including numerous fishing guides that lost homes and their business assets to the immense power of Hurricane Irma. See the story here: <a href="https://www.cumber.com/florida-keys-devastation-after-hurricane-irma/" target="_blank" rel="noopener noreferrer">https://www.cumber.com/florida-keys-devastation-after-hurricane-irma/</a></p> <p><a href="https://www.cumber.com/florida-keys-devastation-after-hurricane-irma/"><img class="aligncenter wp-image-40537 size-large" src="/sites/default/files/uploads/2018/02/Florida-Keys-Fishing-Guide-Community-The-Ongoing-Impact-of-Hurricane-Irma-1024x576.jpg" alt="Immediately after Hurricane Irma’s eye passed over the Florida Keys, massive damage to the Lower and Middle Keys was apparent where hundreds of homes and businesses were destroyed by high winds and a huge storm surge." width="474" height="267" /></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>

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 (May 18, 2020 - May 22, 2020)

CUMBERLAND ADVISORS' WEEKLY RECAP

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