Cumberland Advisors Week in Review (Oct 12, 2020 - Oct 16, 2020)

Cumberland Advisors

Sun Oct 18, 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>Dear Clients & Friends,</p> <p>Thank you for joining Cumberland Advisors for this end-of-week update on market conditions, bonds & equities with Matt McAleer and John Mousseau, CFA.</p> <div></div> <div> <p><strong>Matt McAleer & Equities / ETFs</strong></p> <p>-Just what the doctor ordered!<br /> -A little backing and filling, some drawdown midweek met with demand<br /> -We have an interesting Blackrock table to share with you and what we find shocking<br /> -We see nervousness with traders and investors today<br /> -Most calls into our trading desk are about what's going wrong or what's going to go wrong<br /> -Very few calls are asking "what can go right," "what does next year look like," or "what does the liquidity from the Fed look like?"<br /> -It's very important for a trader or investor to ask questions about what can go wrong and what can go right<br /> -Matt gives some opinion on what he thinks is tilting things toward negative<br /> -Are we a country in decline? Matt says, "no!"<br /> -Conduct a web search on Messenger RNA (mRNA), fascinating science.<br /> -Use some of your COVID-downtime to learn new things, mRNA as an example<br /> -Where can some of our new discoveries take us down the road?<br /> -Some discoveries and their associated companies will become spectacular successes in the future, something to keep an eye on</p> <div> <div> <div> <div> <div> <p><strong>John Mousseau & Fixed Income / Munis</strong></p> </div> </div> </div> </div> </div> <div> <div> <div>-John runs the numbers on interest rates, unemployment, CPI/PPI<br /> -Yield move slowly upward over time<br /> -Does the market expect a blue wave?<br /> -Rates will continue to move up with anticipation of an improving economy<br /> -Muni supply building, we expect to see some buying opportunities as this progresses<br /> -Muni issuers looking to get their offerings into the market before the election<br /> -Next week, looking at employment and new home sales</div> <p>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/is3g8hHxWnY" target="_blank" rel="noopener noreferrer">https://youtu.be/is3g8hHxWnY</a></p> </div> </div> </div> <p>Stay safe, healthy, and have a great weekend.</p> <p><strong>-Matt McAleer & Cumberland Advisors</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 /> <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> <hr /> <header class="entry-header"> <header class="entry-header"> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-insider-trading-the-case-of-consumer-discretionary/" rel="bookmark">Insider Trading – the Case of Consumer Discretionary</a></h2> <h6><strong>Author:</strong> Leo Chen, Ph.D., <strong>Post Date:</strong> October 15, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-insider-trading-the-case-of-consumer-discretionary/"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2019/09/CA-Leo-Chen-With-Description-Blue-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2019/09/CA-Leo-Chen-With-Description-Blue-672x372.jpg 672w, /sites/default/files/uploads/2019/09/CA-Leo-Chen-With-Description-Blue-1038x576.jpg 1038w" alt="Leo Chen, Ph.D." width="672" height="372" /></a>We have recently published two commentaries regarding insider trading. You may find them here: https://www.cumber.com/cumberland-advisors-market-commentary-insider-trading-the-case-of-energy/ & https://www.cumber.com/cumberland-advisors-market-commentary-insider-trading-what-does-it-tell-us/. As the third quarter has just come to an end, we want to pick the third-quarter winner, Consumer Discretionary, as our latest insider trading study. Please see Chart 1 below for the sector’s third-quarter sector performance. Consumer Discretionary […]</p> <hr /> </div> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/yogi-it-aint-over/" rel="bookmark">Yogi: “It aint over”</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> October 14, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/yogi-it-aint-over/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/10/Market-Commentary-Cumberland-Advisors-Yogi-It-aint-over-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/10/Market-Commentary-Cumberland-Advisors-Yogi-It-aint-over-672x372.jpg 672w, /sites/default/files/uploads/2020/10/Market-Commentary-Cumberland-Advisors-Yogi-It-aint-over-1038x576.jpg 1038w" alt="Market Commentary - Cumberland Advisors - Yogi “It aint over”" width="672" height="372" /> </a>“It aint over till its over” is exactly how Yogi Berra signed this ball when I bought it at a charity auction decades ago. He did put a dot over each lower case i. He didn’t use an apostrophe in ain’t, nor in it’s, and he did use till instead of until. Yogi’s message is […]</p> <hr /> </div> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-scotus/" rel="bookmark">SCOTUS</a></h2> <h6><strong>Author:</strong> , <strong>Post Date:</strong> October 12, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-scotus/"><img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2018/10/Market-Commentary-Cumberland-Advisors-SCOTUS-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2018/10/Market-Commentary-Cumberland-Advisors-SCOTUS-672x372.jpg 672w, /sites/default/files/uploads/2018/10/Market-Commentary-Cumberland-Advisors-SCOTUS-1038x576.jpg 1038w" alt="Market Commentary - Cumberland Advisors - SCOTUS" width="672" height="372" /></a>America’s stock and bond markets seem to be accepting of the current SCOTUS nominee and the political controversy. The following passage is translated from the original French work De La Démocratie en Amérique (Democracy in America), written by Alexis de Tocqueville nearly 200 years ago: “The great difficulty was, not to devise the constitution of […]</p> <hr /> </div> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-three-items-to-consider/" rel="bookmark">Three Items to Consider</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> October 11, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-three-items-to-consider/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image" src="/sites/default/files/uploads/2020/10/Market-Commentary-Cumberland-Advisors-Three-Items-to-Consider-David-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/10/Market-Commentary-Cumberland-Advisors-Three-Items-to-Consider-David-672x372.jpg 672w, /sites/default/files/uploads/2020/10/Market-Commentary-Cumberland-Advisors-Three-Items-to-Consider-David-1038x576.jpg 1038w" alt="Market Commentary - Cumberland Advisors - Three Items to Consider" width="672" height="372" /> </a>Item 1. My friend Nick Colas of DataTrek sent along a link to a Lapham’s Quarterly piece by Francine Prose that dives deeply into previous pandemics around the world and draws some surprising parallels with the way our present political establishment has managed the pandemic. The author says, “What’s so startling about the texts and […]</p> <hr /> </div> </header> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-wildfires-out-west/" rel="bookmark">Wildfires Out West</a></h2> <h6><strong>Author:</strong> Patricia Healy, CFA, <strong>Post Date: October 8, 2020<br /> </strong></h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-wildfires-out-west/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2019/09/CA-Patricia-Healy-With-Description-Blue-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2019/09/CA-Patricia-Healy-With-Description-Blue-672x372.jpg 672w, /sites/default/files/uploads/2019/09/CA-Patricia-Healy-With-Description-Blue-1038x576.jpg 1038w" alt="Patricia Healy, CFA" width="672" height="372" /> </a></p> <p>On Sunday, Bloomberg reported that this year’s California fires had scorched more ground than the last three years of fires combined. Higher temperatures and greater winds have contributed to the spread. Year-to-date, the California fires have covered 4 million acres in 8,200 fires throughout the state. Some 8,400 homes and buildings have been lost, and […]</p> </div> <hr /> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-markets-events-economics/" rel="bookmark">Markets, Events, Economics</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> October 7, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-markets-events-economics/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" 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>Market-moving events and data points are coming fast, and in a chaotic sequence. Here are some bullets we are watching. 1. The outlook for elections is still highly uncertain and volatile. Biden appears to be strengthening. Texas governor Greg Abbott has restricted drop boxes for absentee ballots to one per county (“Texas governor shuts down drop-off […]</p> </div> <hr /> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-muni-bonds-turn-toward-the-election/" rel="bookmark">Muni Bonds Turn Toward the Election</a></h2> <h6><strong>Author:</strong> John R. Mousseau, CFA, <strong>Post Date:</strong> October 6, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-muni-bonds-turn-toward-the-election/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2020/10/Market-Commentary-Cumberland-Advisors-Mousseau-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/10/Market-Commentary-Cumberland-Advisors-Mousseau-672x372.jpg 672w, /sites/default/files/uploads/2020/10/Market-Commentary-Cumberland-Advisors-Mousseau-1038x576.jpg 1038w" alt="Market Commentary - Cumberland Advisors - (Mousseau)" width="672" height="372" /> </a></p> <p>With the presidential election a month away, we start to mull over what the bond market might look like post-election day. While most polls have Vice-President Biden ahead by 6–7% points, we know the race has the potential to be much closer, since the 50 individual states decide the election by virtue of voting by […]</p> </div> <hr /> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-international-equity-etf-q3-overview-and-outlook/" rel="bookmark">International Equity ETF Q3 Overview and Outlook</a></h2> <h6><strong>Author:</strong> William Witherell, Ph.D., <strong>Post Date:</strong> October 5, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-international-equity-etf-q3-overview-and-outlook/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2020/10/Market-Commentary-Cumberland-Advisors-William-Bill-Witherell-International-Equity-ETF-Q3-Overview-and-Outlook-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/10/Market-Commentary-Cumberland-Advisors-William-Bill-Witherell-International-Equity-ETF-Q3-Overview-and-Outlook-672x372.jpg 672w, /sites/default/files/uploads/2020/10/Market-Commentary-Cumberland-Advisors-William-Bill-Witherell-International-Equity-ETF-Q3-Overview-and-Outlook-1038x576.jpg 1038w" alt="Market Commentary - Cumberland Advisors - William 'Bill' Witherell - International Equity ETF Q3 Overview and Outlook" width="672" height="372" /> </a></p> <p>The global economy is expected to have registered a stronger than anticipated rebound in the third quarter with record-breaking growth rates after output collapsed in the first half of the because of the COVID-19 pandemic. The reopening of businesses and the easing of lockdowns and other restrictions in many countries allowed the rapid pickup in […]</p> </div> <hr /> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-trio-to-trio-with-laura-wazen/" rel="bookmark">Trio to Trio with Laura Wazen</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> October 4, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-trio-to-trio-with-laura-wazen/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2020/10/Market-Commentary-Cumberland-Advisors-Trio-to-Trio-with-Laura-Wazen-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/10/Market-Commentary-Cumberland-Advisors-Trio-to-Trio-with-Laura-Wazen-672x372.jpg 672w, /sites/default/files/uploads/2020/10/Market-Commentary-Cumberland-Advisors-Trio-to-Trio-with-Laura-Wazen-1038x576.jpg 1038w" alt="" width="672" height="372" /> </a></p> <p>We have a medley of remarkable performances for you this Sunday – a little diversion from the daily political and pandemic fare. Let’s kick things off with a rousing flash-mob rendition of Beethoven’s Symphony No. 9, Ode to Joy, performed years before COVID-19 entered our lives. It lifts us now out of this moment and […]</p> </div> <hr /> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-hope-an-update/" rel="bookmark">Hope – An Update</a></h2> <h6><strong>Author:</strong> Robert Eisenbeis, Ph.D., <strong>Post Date:</strong> October 2, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-hope-an-update/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2020/10/Cumberland-Advisors-Market-Commentary-Hope-–-An-Update-Robert-Eisenbeis-Ph.D.-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/10/Cumberland-Advisors-Market-Commentary-Hope-–-An-Update-Robert-Eisenbeis-Ph.D.-672x372.jpg 672w, /sites/default/files/uploads/2020/10/Cumberland-Advisors-Market-Commentary-Hope-–-An-Update-Robert-Eisenbeis-Ph.D.-1038x576.jpg 1038w" alt="Hope – An Update - Robert-Eisenbeis, Ph.D." width="672" height="372" /> </a></p> <p>Our commentary “FOMC: Hope Now Seems to Be a Strategy” (https://www.cumber.com/cumberland-advisors-market-commentary-fomc-hope-now-seems-to-be-a-strategy/) focused on the FOMC’s latest decision to keep its target for the federal funds rate between 0–.25%, to change its strategy for policy going forward to focus on shortfalls in labor markets from what the Committee perceives to be full employment, and to shift [Continued…]</p> <hr /> </div> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-taxable-total-return-3rd-quarter-review/" rel="bookmark">Taxable Total Return 3rd Quarter Review</a></h2> <h6><strong>Author:</strong> Daniel Himelberger, <strong>Post Date:</strong> October 1, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-taxable-total-return-3rd-quarter-review/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2020/10/2020-10-01-22_50_23-Cumberland-Advisors-Market-Commentary-Taxable-Total-Return-3rd-Quarter-Review-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/10/2020-10-01-22_50_23-Cumberland-Advisors-Market-Commentary-Taxable-Total-Return-3rd-Quarter-Review-672x372.jpg 672w, /sites/default/files/uploads/2020/10/2020-10-01-22_50_23-Cumberland-Advisors-Market-Commentary-Taxable-Total-Return-3rd-Quarter-Review-1038x576.jpg 1038w" alt="Taxable Total Return 3rd Quarter Review" width="672" height="372" /> </a></p> <p>Markets experienced volatility in the third quarter of 2020 as COVID-19 and the looming election continued to drive uncertainty regarding an economic rebound. The net result of the volatility left the Treasury market little changed on the quarter, while spreads on investment-grade corporates and taxable municipals continued to grind lower from the peaks set at [Continued…]</p> </div> <hr /> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-beware-of-private-equity-in-retirement-plans-338-fiduciary-advisors-are-needed-instead/" rel="bookmark">Beware of Private Equity in Retirement Plans – 3(38) Fiduciary Advisors Are Needed Instead</a></h2> <h6><strong>Author:</strong> Michael McNiven, Ph.D., <strong>Post Date:</strong> September 30, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-beware-of-private-equity-in-retirement-plans-338-fiduciary-advisors-are-needed-instead/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2020/09/Cumberland-Advisors-Market-Commentary-Michael-McNiven-Ph.D.-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/09/Cumberland-Advisors-Market-Commentary-Michael-McNiven-Ph.D.-672x372.jpg 672w, /sites/default/files/uploads/2020/09/Cumberland-Advisors-Market-Commentary-Michael-McNiven-Ph.D.-1038x576.jpg 1038w" alt="Michael McNiven, Ph.D." width="672" height="372" /> </a></p> <p>Over the summer, the private equity industry received a very favorable ruling from the Department of Labor, allowing 401(k) plans to invest in private equity funds. Of course, the private equity industry and their lobbyists have long desired the opportunity to access 401(k) assets, and they are ecstatic. This opportunity opens up several trillion dollars [Continued…]</p> </div> <hr /> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-uk-facing-virus-second-wave-and-brexit-deadline/" rel="bookmark">UK Facing Virus Second Wave and Brexit Deadline</a></h2> <h6><strong>Author:</strong> William Witherell, Ph.D., <strong>Post Date:</strong> September 29, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-uk-facing-virus-second-wave-and-brexit-deadline/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" src="/sites/default/files/uploads/2020/09/Guest-Commentary-Cumberland-Advisors-UK-Facing-Virus-Second-Wave-and-Brexit-Deadline-672x372.jpg" sizes="(max-width: 672px) 100vw, 672px" srcset="/sites/default/files/uploads/2020/09/Guest-Commentary-Cumberland-Advisors-UK-Facing-Virus-Second-Wave-and-Brexit-Deadline-672x372.jpg 672w, /sites/default/files/uploads/2020/09/Guest-Commentary-Cumberland-Advisors-UK-Facing-Virus-Second-Wave-and-Brexit-Deadline-1038x576.jpg 1038w" alt="Market Commentary - Cumberland Advisors - UK Facing Virus Second Wave and Brexit Deadline" width="672" height="372" /> </a></p> <p>United Kingdom stocks are underperforming the Eurozone markets as the nation faces the double challenges of an upsurge in virus infections and time running out in the deadlocked negotiations with the EU on Brexit. Over the past three months through September 24, the iShares MSCI United Kingdom ETF, EWU, lost 5.0% on a total return [Continued…]</p> </div> <hr /> <header class="entry-header"> <h2 class="inner_text_heading"><a href="https://www.cumber.com/cumberland-advisors-market-commentary-cio-overview-outlook/" rel="bookmark">CIO Overview & Outlook</a></h2> <h6><strong>Author:</strong> David R. Kotok, <strong>Post Date:</strong> September 28, 2020</h6> </header> <div class="entry-summary"> <p><a class="post-thumbnail" href="https://www.cumber.com/cumberland-advisors-market-commentary-cio-overview-outlook/"> <img class="attachment-post-thumbnail size-post-thumbnail wp-post-image aligncenter" 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>The second quarter of 2020 saw the worst quarterly decline in economic terms since the Great Depression of the 1930s. The US economy literally fell off the COVID cliff. This downdraft side of a very sharp “V” has already made an economic bottom. (It was foretold by the March 23 low in the stock market.) [Continued…]</p> </div> <header class="entry-header"></header> <div class="entry-summary"> <hr /> </div> <header class="entry-header"></header> <h2 class="inner_text_heading" style="text-align: center;">Zika Pamphlet by David R. Kotok</h2> <p style="text-align: center;"><a href="https://www.cumber.com/zika/" target="_blank" rel="noopener noreferrer"><img class="aligncenter wp-image-51193 size-full" src="/sites/default/files/uploads/2020/02/Zika-Download-Kotok-600x232-1.jpg" alt="Zika Download - Kotok" width="600" height="232" /></a></p> <p style="text-align: center;">The Zika virus is mosquito-borne. The virus mutates frequently, just as all viruses do. And it can do serious damage to people. It is especially threatening to the fetus of a pregnant mother. It causes conditions, including microcephaly, which spell tragedy for the infant and the family. When it deals such damage to children, Zika imposes huge societal costs measured in the many millions of dollars. All this is documented in the writings that now constitute the chapters of this pamphlet.</p> <h3 style="text-align: center;"><a href="https://www.cumber.com/zika/" target="_blank" rel="noopener noreferrer">https://www.cumber.com/zika/</a></h3> <header class="entry-header"> <hr /> </header> <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.

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