10:00 eia natural gas stockpiles (+78) last report...earnings reports economic indicators &...
TRANSCRIPT
Time Event Estimate Date Act.vs. Est. S&P
8:30 Non Farm Payrolls 3090K 6/5 10009 2.62
8:30 Private Payrolls 3000K 6/5 9844 2.62
8:30 Unemployment Rate 12.5 6/5 -5.7 2.62
8:30 Avg Weekly Hours 34.5 6/5 0.4 2.62
8:30 Avg Hourly Earnings -0.8 6/5 -2.0 2.62
8:30 Initial Claims 1350K 6/25 160 1.10
8:30 Continuing Claims 19000K 6/25 -478 1.10
8:30 Trade Balance -$53.1 bln 6/4 0.0 -0.34
Last Report
Time Event Estimate Date Est Act. Diff. S&P Best Worst
8:15 ADP Employment 2800K 6/3 -9000 -2760 6240 1.36 Indu HC
9:45 Markit Manufact PMI 49.6 6/23 50.0 49.6 -0.4 0.92 Finl Indu
10:00 ISM Manufacturing 49.5 6/1 43.8 43.1 -0.7 0.38 Ener HC
10:00 Construction Spending 1.0 6/1 -7.0 -2.9 4.1 0.38 Ener HC
All Day Total Vehicle Sales 13.0 mln 6/2 11.1 12.2 1.1 0.82 Ener C St.
10:00 Fed's Evans Speaks in Chicago
10:30 Energy Inventories
14:00 FOMC Minutes
Last Report
Upgrades
Ticker Firm From To
AGR Wells Fargo Mkt Wgt Overwgt
CAT Deutsche Hold Buy
CCOI SunTrust Hold Buy
CRL BoA Neutral Buy
FDX JP Morgan Neutral Overwgt
SAIL Goldman Sell Buy
Downgrades
Ticker Firm From To
AGCO Deutsche Buy Hold
BLMN G Haskett Buy Hold
CAE BoA Buy Neutral
DRI G Haskett Buy Hold
GSX Goldman Buy Neutral
SJI JP Morgan Neutral Underwgt
Initiations/Reiterations
Ticker Firm Action Rating
COUP KeyBanc Initiated Overwgt
DE Deutsche Resumed Buy
DKNG Stephens Initiated Overwgt
KIM Goldman Resumed Buy
MAC Goldman Resumed Sell
SPG Goldman Resumed Buy
- Futures Lower to Kick off Q3.i -0.8 %
h 2.0
i -1.6
i -1.3
Oil 39.94 h $0.7
Gold 1793.2 i -$7.2
$/Euro 0.892 h 0.00
$/Yen 107.46 i -0.5
10-Yr 0.68 h 0.02
Japan
China
Germany
UK
Trading Up ($):
FDX (15.73), BYND (13.52), AKRO (11.32), STZ (5.05), UPS (4.37), YRCW (2.55)
Trading Down ($):
AMZN (-8.28), TSLA (-8.21), GOOGL (-5.05), BA (-4.46), UNH (-3.28), XLRN (-2.77)-2.00
-1.50
-1.00
-0.50
0.00
0.50
16:00 18:00 20:00 22:00 0:00 2:00 4:00 6:00
Pe
rce
nt
Ch
ange
Asia Opens
Europe Opens
Today’s Events
Stock Specific News of Note
Noteworthy Macro EventsOther MarketsOvernight Trading
Tomorrow
Overnight Trading
Analyst Actions
Indicators/EventsMarket Timing Model
© Copyright 2020, Bespoke Investment Group, LLC. The information herein was obtained fromsources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee itsaccuracy. Neither the information, nor any opinions expressed, constitute a solicitation of thepurchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is notresponsible for any losses incurred from any use of this information.
Earnings Reports
Economic Indicators & Events
BespokePremium.com
For Personal Use Only—Do Not Forward1
Ticker News
CPRI Missed EPS forecasts by 5 cents (0.11 vs 0.16) on stronger revenues.
FB Reuters reports that 400 advertisers have joined temporary boycott of Facebook ads.
FDX Beat EPS forecasts by 1.00 (2.53 vs 1.53) on stronger revenues.
GIS Beat EPS forecasts by 22 cents (1.10 vs 0.88) on inline revenues.
M Beat EPS by 47 cents (-2.03 vs -2.50) on weaker sales; May and June ahead of expectations.
MSI Reaffirmed Q2 guidance after announcing retirement of CFO.
SCS Missed EPS forecasts by 4 cents (-0.18 vs -0.14) on weaker revenues; raised dividend.
SNN Said Q2 revenues are on pace to decline by 29% which is inline with prior guidance.
SRE Sees upside to full year guidance; announces exit from South American operations.
UAL Announces tripling of schedule in August vs June; still down 60% from last year.
WHR Announces plan to reduce total workforce size in US as part of cost-cutting plan.
UNF Missed EPS forecasts by 30 cents (1.12 vs 1.42) on stronger revenues.
Bearish Bullish
Category One Week Two Weeks One Month
Sentiment 0.08 0.15 0.49
Technicals 0.14 0.30 0.42
Fundamental 0.14 0.29 0.45
Overall 0.11 0.25 0.46
Average (all days) 0.13 0.27 0.54
Expected S&P 500 Return (%)
Neutral
Ticker Date TOD EPS Revs.
FLR 7/2/20 AM 0.25 4012
GBX 7/2/20 AM 0.14 606
KFY 7/2/20 AM 0.39 436.4
1/0/1900 1/0/00 0 0.00 0.0
1/0/1900 1/0/00 0 0.00 0.0
1/0/1900 1/0/00 0 0.00 0
1/0/1900 1/0/00 0 0.00 0
1/0/1900 1/0/00 0 0.00 0
1/0/1900 1/0/00 0 0.00 0
1/0/1900 1/0/00 0 0.00 0
1/0/1900 1/0/00 0 0.00 0
1/0/1900 1/0/00 0 0.00 0
1/0/1900 1/0/00 0 0.00 0
1/0/1900 1/0/00 0 0.00 0
1/0/1900 1/0/00 0 0.00 0
Estimate
Conferences & Meetings
Dividends & SplitsJPM 0.90 BMY 0.45
EIX 0.64 CSCO 0.36
MKC 0.62 CUZ 0.30
10:00 EIA Natural Gas Stockpiles (+78)
13:00 Baker Hughes Rig Count (260)
SITC Will replace MINI in the S&P 600 effective 7/1.
Index Changes
Ticker Price
LHX 169.67 -1.73 1.15 61.4
Standard Deviations
Below 50-Day Avg
Avg % Return
(One Week)
Percent of
Time Positive
Ticker Price
CAG 35.17 2.25 -0.07 53.7
CL 73.26 1.13 -0.04 52.3
Standard Deviations
Above 50-Day Avg
Avg % Return
(One Week)
Percent of
Time Positive
Commodity Current 1 Wk Ago
$/Euro N OS
$/Yen N OS
2-Year OB OB
10-Year N N
Gold OB OB
Silver OB OB
Copper OB OB
Crude Oil OB OB
Heating Oil OB OB
Gasoline OB OB
Natural Gas N OS
OS N OB
-0.40
-0.30
-0.20
-0.10
0.00
0.10
0.20
Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20
Bonds Outperforming Stocks
Stocks Outperforming Bonds
Ticker % Chg. Occ. Chg. Percent Up Chg. Percent Up
AAOI 15.5 17 -1.0 35.3 -3.2 29.4
SPPI 9.7 58 0.3 48.3 1.3 51.7
ANIK 8.5 19 -1.0 57.9 -1.5 42.1
LMNX 8.0 15 0.5 46.7 -1.1 46.7
DNR -18.4 20 0.6 50.0 -0.3 50.0
MLHR -10.3 8 -1.6 62.5 -0.3 37.5
GNW -9.8 38 2.3 65.8 2.2 63.2
TGI -9.5 68 -0.2 47.1 -1.5 38.2
Average Return (%)
Next Day Next Week
Index/Sector Current 1 Wk Ago
S&P 500 N OB
Cons Discret. OB OB
Cons Staples N N
Energy N N
Financials N N
Health Care N N
Industrials N N
Materials N N
Technology OB OB
Comm. Svcs N OB
Utilities N N
OS N OB
S&P 500 50-Day Moving Average Spread S&P 500 Internals Yesterday’s Movers
Relative Strength of Stocks versus Bonds
S&P 500 Overbought and Oversold Stocks (Percentage) Trading Ranges: Sectors
Trading Ranges: Bonds/Commodities
S&P 500 Overbought Stocks Most Likely to Fall
S&P 500 Oversold Stocks Most Likely to Rise
Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20
Extreme Overbought
Overbought
Oversold
Extreme Oversold
7.0
19.8
0
10
20
30
40
50
60
70
80
90
100
Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20
Green indicates percentage of oversold stocks, and red indicates percentage of overbought stocks. OB
OS
Indicator Change50-Day Moving Avg Spread i 3.7 % 5.6 %10-Day A/D Line i -205 -158# of Overbought Stocks i 99 150# of Oversold Stocks h 35 24
P/E Ratio Trailing i 21.81 22.02 Forward i 24.54 25.09
Dividend Yield h 1.95 % 1.93 %
Net Earnings Revisions -30.3 % -30.3 %
Credit Spreads (bps)High Yield h 652 602Corporate Bonds h 162 156
Current One Week Ago
© Copyright 2020, Bespoke Investment Group, LLC. The information herein was obtained fromsources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee itsaccuracy. Neither the information, nor any opinions expressed, constitute a solicitation of thepurchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is notresponsible for any losses incurred from any use of this information.
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For an explanation of the first two pages of this report, please click here.
BBG US Dollar Index: Last Six Months
BBG US Dollar Index: Last 15 Trading Days
1180
1190
1200
1210
1220
1230
1240
1250
1260
1270
1280
1290
1300
1310
1/3 1/31 2/28 3/27 4/27 5/25 6/22
1180
1190
1200
1210
1220
1230
1240
1250
1260
1270
1280
1290
1300
1310
1/3 1/31 2/28 3/27 4/27 5/25 6/22
50-DMA: 1233
200-DMA: 1218
1190
1195
1200
1205
1210
1215
1220
1225
1230
6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30
1220
Gold Future: Last Six Months
Gold Front Month Future: Last 15 Trading Days
1350
1400
1450
1500
1550
1600
1650
1700
1750
1800
1850
12/30 1/29 2/27 3/26 4/24 5/22 6/22
1350
1400
1450
1500
1550
1600
1650
1700
1750
1800
1850
12/30 1/29 2/27 3/26 4/24 5/22 6/22
1695
1715
1735
1755
1775
1795
1815
1835
6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30
200-DMA: 1600
50-DMA: 1742
1808
S&P 500: Last Six Months
S&P 500: Last 15 Trading Days
2100
2300
2500
2700
2900
3100
3300
3500
12/30 1/29 2/27 3/26 4/24 5/22 6/22
2100
2300
2500
2700
2900
3100
3300
3500
12/30 1/29 2/27 3/26 4/24 5/22 6/22
2950
3000
3050
3100
3150
3200
3250
6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30
200-DMA: 3022
50-DMA: 2989 3100
Russell 2000: Last Six Months
Russell 2000: Last 15 Trading Days
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
12/30 1/29 2/27 3/26 4/24 5/22 6/22
200-DMA: 1474
1330
1350
1370
1390
1410
1430
1450
1470
1490
1510
1530
6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30
50-DMA: 1359
1441
Nasdaq Composite: Last Six Months
Nasdaq Composite: Last 15 Trading Days
6500
7000
7500
8000
8500
9000
9500
10000
10500
12/30 1/29 2/27 3/26 4/24 5/22 6/22
6500
7000
7500
8000
8500
9000
9500
10000
10500
12/30 1/29 2/27 3/26 4/24 5/22 6/22
50-DMA: 9352
200-DMA: 8730
9300
9400
9500
9600
9700
9800
9900
10000
10100
10200
10300
6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30
10059
Oil Future: Last Six Months
Oil Future: Last 15 Trading Days
12/30 1/29 2/27 3/26 4/24 5/22 6/22
-40
-20
0
20
40
60
80
12/30 1/29 2/27 3/26 4/24 5/22 6/22
200-DMA: 45
34
35
36
37
38
39
40
41
42
6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30
50-DMA: 31
39.82
© Copyright 2020, Bespoke Investment Group, LLC. The information herein was obtained fromsources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee itsaccuracy. Neither the information, nor any opinions expressed, constitute a solicitation of thepurchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is notresponsible for any losses incurred from any use of this information.
BespokePremium.com
For Personal Use Only—Do Not Forward3
DJ Transports: Last Six Months
DJ Transports: Last 15 Trading Days
6000
7000
8000
9000
10000
11000
12000
12/30 1/29 2/27 3/26 4/24 5/22 6/22
6000
7000
8000
9000
10000
11000
12000
12/30 1/29 2/27 3/26 4/24 5/22 6/22
200-DMA: 9717
8600
8800
9000
9200
9400
9600
9800
10000
6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30
50-DMA: 8702
9173
Long Bond Future: Last Six Months
Long Bond Future Intraday: Last 15 Trading Days
150
154
158
162
166
170
174
178
182
186
190
1/3 2/3 3/3 3/31 4/29 5/28 6/25
150
154
158
162
166
170
174
178
182
186
190
1/3 2/3 3/3 3/31 4/29 5/28 6/25
200-DMA: 166
174
175
176
177
178
179
180
6/10 6/12 6/16 6/18 6/22 6/24 6/26 6/30
50-DMA: 178
178
For Personal Use Only—Do Not Forward
BespokePremium.com © Copyright 2020, Bespoke Investment Group, LLC. The information herein was obtained from
sources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee its
accuracy. Neither the information, nor any opinions expressed, constitute a solicitation of the
purchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is not
responsible for any losses incurred from any use of this information.
4
Morning Commentary
Overview: Happy Canada Day to our friends up North, who have the day off today. Futures are near
session lows after rallying 20 points from 2:00 AM to 6:00 AM, while Treasuries are deep in the red as
the US yield curve bear-steepens along with lower gold prices, an intraday test and rejection of $40 by
WTI, and a modest move higher in the dollar. Global Economic Scorecard
APAC Markets: Hong Kong was closed last night,
and the rest of the region was all over the place as
Japanese equities fell the whole session and went
out at the lows, while Chinese onshore stocks did
the exact opposite. The broad TOPIX fell 1.3%
while the CSI 300 was up 2%, compared with an 8
bps drop for the KOSPI, 0.6% gain for the ASX 200
in Australia, and a 1.2% gain in India. The rally in
China was overshadowed by comments from a Chi-
nese official that described “the law is a ‘sword of
Damocles’ hanging above extremely few criminals
who are severely endangering national security.”
That’s a pretty oblique threat towards pro-democracy and pro-independence protestors given the fact
that the law wasn’t publicly disclosed until after it actually took effect.
We also note Japanese data on corporate lending for May released last night; as shown, Japanese cor-
porates are conducting the same scramble for liquidity that other corporations are, as the sector draws
down loans to insure adequate cash is available. We also note Tankan survey results form the BoJ, dis-
cussed in greater detail in our Global Economic Scorecard.
Europe Markets: In addition to PMIs (see next page) we also got the most timely labor market data in
Europe this morning via German unemployment
claims. They have receded rapidly towards more
normal territory in June, contrasting with the rapid
slowing of progress in US claims data. As far as
markets go, the STOXX 600 opened slightly higher
then started plunging and hasn’t really stopped
this morning. The index down 1% on 5:1 negative
breadth and every sector is lower, led by a 2.5%
drop in Autos and 1.7% drop in Banks. Security
contractor Loomis, French hotelier Accor, and UK
engine maker Rolls Royce are among the biggest
losers. Credit markets are holding up much better
than stocks, with benchmark CDS indices flat on
the session. We also note a very sharp bear-steepening in EUR yields thanks to US rate moves, despite
the weak equity price action and with falling spreads for marginal issuers in the process. EURCHF has
broken its 50-DMA to the downside on the latest equity market drop.
Japan Corporate Liquidity Surges
-4
-2
0
2
4
6
8
Japan CorporateLoans 2m %Change (SA ByBespoke)
German Unemployment Shock Abating
-200
-100
0
100
200
300
400
Germany UnemploymentClaims MoM ('000s)
For Personal Use Only—Do Not Forward
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sources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee its
accuracy. Neither the information, nor any opinions expressed, constitute a solicitation of the
purchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is not
responsible for any losses incurred from any use of this information.
5
Global Manufacturing PMIs: June activity gauges for the glob-
al manufacturing sector were released by Markit overnight
and the results were mixed. 8 of the 27 manufacturing PMIs
released so far returned to expansion territory, with some
huge improvements month-over-month. Turkey, France, Ire-
land, Russia, Spain, and India all reported sequential double-
digit point advances in their readings, while no country report-
ed declines in PMIs from May to June. There is plenty of bad
news, though. Despite lifting of lockdowns and even near-
normalcy in some countries, most national manufacturing
gauges are still reading below 50 which implies sequential lev-
el declines. If levels of activity were returning to where they
were before, PMI readings would be in the high 50s or low
60s, at the least. Instead, the more middling readings imply
either no return to the prior level of activity or a lack of relia-
bility in PMI surveys. As regular readers know, we suspect
both are the case to varying degrees.
Looking at major economy PMIs, Eurozone new orders were
led lower in June by a twenty-first consecutive decline in new
orders from abroad, Chinese new orders for exports declined,
and South Korea reported new drops in order volumes. In gen-
eral, the recent declines in economic activity around the world
appear to be continuing in the form of weaker trade volumes.
Morning Commentary
Bounces In Global Manufacturing PMIs, But Not Dramatic Ones
20
30
40
50
60
70
Austria - Manufacturing - 46.5 vs 31.6 priorJapan - Manufacturing - 40.1 vs 41.9 priorAustralia - Manufacturing - 51.2 vs 44.1 priorCanada - Manufacturing - PendingUS - Manufacturing - 49.6 vs 36.1 priorMalaysia - Manufacturing - 51 vs 31.3 priorIndonesia - Manufacturing - 39.1 vs 27.5 priorPhilippines - Manufacturing - 49.7 vs 31.6 priorThailand - Manufacturing - 43.5 vs 36.8 priorSouth Korea - Manufacturing - 43.4 vs 41.6 priorTaiwan - Manufacturing - 46.2 vs 42.2 priorMyanmar - Manufacturing - 48.7 vs 29 priorChina - Manufacturing - 51.2 vs 49.4 priorIndia - Manufacturing - 47.2 vs 27.4 priorRussia - Manufacturing - 49.4 vs 31.3 priorPoland - Manufacturing - 47.2 vs 31.9 priorTurkey - Manufacturing - 53.9 vs 33.4 priorSpain - Manufacturing - 49 vs 30.8 priorCzech - Manufacturing - 44.9 vs 35.1 priorItaly - Manufacturing - 47.5 vs 31.1 priorFrance - Manufacturing - 52.3 vs 31.5 priorGermany - Manufacturing - 45.2 vs 34.5 priorEurozone - Manufacturing - 47.4 vs 33.4 priorGreece - Manufacturing - 49.4 vs 29.5 priorMexico - Manufacturing - PendingVietnam - Manufacturing - 51.1 vs 32.7 priorColombia - Manufacturing - Pending
Country Category June Prior Change
Turkey EM 53.9 40.9 13.0
France DM 52.3 40.6 11.7
Australia DM 51.2 44.0 7.2
China EM 51.2 50.7 0.5
Vietnam EM 51.1 42.7 8.4
Malaysia EM 51.0 45.6 5.4
Ireland DM 51.0 39.2 11.8
UK DM 50.1 40.7 9.4
Philippines EM 49.7 40.1 9.6
US* DM 49.6 39.8 9.8
Russia EM 49.4 36.2 13.2
Greece DM 49.4 41.1 8.3
Spain DM 49.0 38.3 10.7
Myanmar EM 48.7 38.9 9.8
Italy DM 47.5 45.4 2.1
Eurozone DM 47.4 39.4 8.0
India EM 47.2 30.8 16.4
Poland EM 47.2 40.6 6.6
Austria DM 46.5 40.4 6.1
Taiwan EM 46.2 41.9 4.3
Netherlands DM 45.2 40.5 4.7
Germany DM 45.2 36.6 8.6
Czech EM 44.9 39.6 5.3
Thailand EM 43.5 41.6 1.9
South Korea EM 43.4 41.3 2.1
Japan DM 40.1 38.4 1.7
Indonesia EM 39.1 28.6 10.5
*Note: Flash
Markit June Man'f PMIs
For Personal Use Only—Do Not Forward
BespokePremium.com © Copyright 2020, Bespoke Investment Group, LLC. The information herein was obtained from
sources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee its
accuracy. Neither the information, nor any opinions expressed, constitute a solicitation of the
purchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is not
responsible for any losses incurred from any use of this information.
6
Coronavirus: Cases, hospitalizations, and positive test
rates continue to trend higher. Cases are rising in eve-
ry state except for NE, MD, NH, RI, MA, NJ, and NY.
Cases are either at a peak or within 5% of peak in 22
different states. Positive rates are north of 10% over
the past week in 9 different states, and are rising in 39
of 50 states.
The good news is that hospital surge capacity looks to
be okay in some of the worst-hit states. Texas is one
example: while the state has been adding 349 hospital
patients per day over the past week, Texas HHS data
has over 13,000 available hospital beds including 1,405
available ICU beds. It also helps that death rates from
this new acceleration in case counts remain very low;
total death counts continue to fall.
Morning Commentary
Deaths Day Over Day (w/ 7 Day Moving Avg)
Global Cases & Deaths
New Confirmed Cases Per Day (w/ 7 Day Moving Avg)
US Test Count Versus Positive Test Rate
Note: for 6/25 NJ
reported ~1800
back-dated deaths,
making the 6/25
death count appear
artificially high.
0
2
4
6
8
10
12
14
16
Day/Day Cases (%)
Day/Day Deaths (%)
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
US Case Count Day/Day
Ex NY/NJ
0
500
1000
1500
2000
2500
3000
US Deaths Day/Day
Ex NY/NJ
649,076
6.83
3
8
13
18
23
28
0
100000
200000
300000
400000
500000
600000
700000 Day/Day Tests
% Positive In Each Day's Reported Tests
Breadth of COVID-19 Improvement Stats Across States
Note: both metrics are based on the change in the 7 day moving average, for the date in
question and versus the day one week before.
-6000
-4000
-2000
0
2000
4000
6000
8000
10000
12000
14000
5
10
15
20
25
30
35
40
45
50 Number of States w/ Rising Cases (Left)
Number of States w/ Rising Positive Rate (Left)
Change In Cases (National, Right)
Change In Cases (Ex NY/NJ, Right)
Daily New Reported COVID Hospitalizations
-1500
-500
500
1500
2500
3500
4500
5500
6500
Day/Day Change InHospital Admissions(Ex NY/NJ)
7 Day Avg
For Personal Use Only—Do Not Forward
BespokePremium.com © Copyright 2020, Bespoke Investment Group, LLC. The information herein was obtained from
sources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee its
accuracy. Neither the information, nor any opinions expressed, constitute a solicitation of the
purchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is not
responsible for any losses incurred from any use of this information.
7
COVID By State: The table below includes a wide range of COVID-19 data points by state, as a refer-
ence. We will update it daily on this page.
Morning Commentary
State
AK 0 0 21 6 2,627 237 0.80 0.46 0.46 28.71 8.79 3,591.03 323.58
AL 12 1 993 395 7,516 571 13.21 2.51 0.20 202.43 80.50 1,532.94 116.54
AR 5 -3 586 87 6,673 -1,745 8.78 1.56 -1.04 194.04 28.97 2,211.20 -578.23
AZ 35 12 3,005 279 13,120 808 22.91 4.87 1.63 412.87 38.35 1,802.48 110.97
CA 57 -8 5,692 1,476 95,744 15,862 5.95 1.45 -0.21 144.06 37.35 2,423.16 401.45
CO 4 -2 258 57 5,140 180 5.02 0.77 -0.37 44.80 9.92 892.58 31.28
CT 6 -3 88 9 9,149 3,074 0.96 1.80 -0.88 24.64 2.60 2,566.17 862.28
DE 1 0 90 26 1,906 269 4.70 0.73 0.00 91.98 26.85 1,957.79 276.25
FL 39 3 6,990 3,648 43,532 17,715 16.06 1.80 0.15 325.46 169.86 2,026.83 824.80
GA 17 -6 1,945 716 14,660 905 13.27 1.57 -0.57 183.16 67.45 1,380.71 85.22
HI 0 0 12 1 1,200 156 1.00 0.10 0.10 8.48 0.40 847.84 110.08
IA 4 1 376 63 5,641 774 6.67 1.22 0.36 119.26 19.92 1,787.83 245.41
ID 0 0 214 101 1,877 375 11.40 0.16 0.08 119.42 56.28 1,047.40 209.02
IL 30 -17 773 155 29,073 4,600 2.66 2.40 -1.34 61.02 12.27 2,294.27 363.01
IN 10 -7 389 91 8,260 -687 4.71 1.51 -1.08 57.78 13.54 1,226.94 -102.09
KS 2 0 283 133 3,102 523 9.11 0.54 -0.15 96.99 45.70 1,064.67 179.52
KY 4 0 212 24 5,663 626 3.74 0.90 0.10 47.42 5.47 1,267.52 140.02
LA 12 -1 929 356 13,225 -1,521 7.02 2.67 -0.15 199.74 76.58 2,844.73 -327.27
MA 23 -9 206 -16 8,643 -499 2.39 3.37 -1.25 29.66 -2.28 1,243.64 -71.87
MD 14 -2 365 -7 7,474 -284 4.88 2.32 -0.28 60.30 -1.09 1,236.30 -47.02
ME 0 0 37 12 1,892 553 1.96 0.32 0.21 27.53 8.93 1,407.62 411.61
MI 12 1 362 86 16,627 3,322 2.17 1.20 0.13 36.20 8.63 1,664.89 332.65
MN 7 -4 405 35 12,182 -804 3.32 1.29 -0.76 71.79 6.26 2,159.99 -142.59
MO 8 -4 487 240 7,948 3,293 6.13 1.26 -0.58 79.33 39.08 1,294.94 536.52
MS 12 1 621 229 6,547 3,871 9.49 4.03 0.48 208.75 76.95 2,199.92 1,300.82
MT 0 0 32 14 2,420 942 1.32 0.13 -0.13 29.94 12.70 2,264.00 881.11
NE 3 -1 155 -3 2,788 55 5.56 1.48 -0.66 80.13 -1.55 1,441.19 28.51
NC 13 -1 1,460 231 19,458 1,971 7.50 1.25 -0.07 139.16 22.02 1,855.23 187.94
ND 1 0 37 9 1,224 -48 2.99 0.75 -0.56 47.99 11.25 1,606.36 -62.42
NH 4 1 29 -2 1,346 -83 2.14 2.94 0.95 21.22 -1.16 989.92 -61.04
NJ 298 266 276 -54 19,846 -1,821 1.39 33.55 29.98 31.09 -6.03 2,234.37 -205.00
NM 3 -1 184 63 5,663 1,356 3.25 1.64 -0.34 87.75 29.91 2,700.95 646.49
NV 2 1 637 303 4,149 427 15.35 0.70 0.37 206.81 98.33 1,346.96 138.68
NY 13 -10 624 -20 59,161 -4,986 1.05 0.65 -0.51 32.08 -1.04 3,041.16 -256.29
OH 18 -1 809 221 16,785 2,170 4.82 1.56 -0.12 69.20 18.88 1,435.92 185.62
OK 2 1 390 49 6,649 1,898 5.86 0.58 0.29 98.52 12.49 1,680.22 479.73
OR 2 1 197 29 3,846 -607 5.13 0.51 0.17 46.81 6.98 911.86 -144.02
PA 26 0 559 100 12,155 1,296 4.60 2.06 -0.03 43.63 7.78 949.45 101.25
RI 6 0 40 -13 2,874 225 1.39 5.93 0.40 37.76 -12.00 2,713.09 212.26
SC 9 0 1,398 452 10,189 4,250 13.72 1.83 0.00 271.52 87.76 1,978.89 825.42
SD 1 0 59 3 872 -97 6.74 1.29 0.32 66.37 3.88 985.37 -110.13
TN 9 2 1,029 390 12,530 3,040 8.22 1.30 0.27 150.65 57.14 1,833.66 444.87
TX 29 2 5,659 1,779 38,856 3,306 14.57 1.01 0.06 195.18 61.35 1,340.05 114.03
UT 1 -1 560 79 5,497 1,700 10.18 0.40 -0.40 174.54 24.69 1,714.53 530.31
VA 17 6 542 19 10,960 -893 4.94 1.97 0.72 63.48 2.18 1,284.06 -104.64
VT 0 0 6 1 919 0 0.68 0.00 -0.23 10.07 2.29 1,473.47 -0.46
WA 6 -2 483 283 10,145 5,606 4.76 0.83 -0.21 63.47 37.20 1,332.28 736.17
WI 5 -2 498 165 9,270 -175 5.37 0.83 -0.32 85.56 28.36 1,592.07 -30.13
WV 0 0 46 12 2,491 26 1.85 0.08 -0.24 25.82 6.55 1,393.76 14.31
WY 0 0 33 10 705 211 4.72 0.00 -0.49 57.51 16.78 1,217.63 363.83
USA 787 215 41,079 44,358 590,216 649,076 6.83 2.40 0.66 125.39 135.41 1,801.67 1,981.34
Week
Change
Raw Count (7 Day Average) Per 1mm Population
COVID-19 Outbreak Statistics By State: Level, Growth, and Per Capita (As-Of 6/30/2020)7 Day +ve
Test Rate
(%)
Week
Change
Week
Change
Week
Change
Week
Change
Week
Change
Cases
Day/Day
Tests
Day/Day
Deaths
Day/Day
Deaths
Day/Day
Cases
Day/Day
Tests
Day/Day
For Personal Use Only—Do Not Forward
BespokePremium.com © Copyright 2020, Bespoke Investment Group, LLC. The information herein was obtained from
sources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee its
accuracy. Neither the information, nor any opinions expressed, constitute a solicitation of the
purchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is not
responsible for any losses incurred from any use of this information.
8
Morning Commentary
State Trend Cases State Trend Cases
OK Rising 0 100 390 MS Rising 2 83 621
UT Rising 0 100 560 KY Rising 24 81 212
CA Rising 0 100 5692 ME Rising 37 70 37
NC Rising 0 100 1460 IA Rising 54 67 376
TX Rising 0 100 5659 LA Rising 84 59 929
WY Rising 0 100 33 MN Rising 37 56 405
GA Rising 0 100 1945 IN Rising 60 55 389
NM Rising 0 100 184 VA Rising 30 45 542
SC Rising 0 100 1398 ND Rising 40 44 37
AK Rising 0 100 21 SD Rising 48 43 59
ID Rising 0 100 214 CO Rising 62 42 258
AL Rising 0 100 993 HI Rising 83 42 12
MO Rising 0 100 487 DE Rising 63 38 90
TN Rising 0 100 1029 NE Falling 55 35 155
FL Rising 0 100 6990 PA Rising 80 34 559
NV Rising 0 100 637 MD Falling 54 33 365
WA Rising 0 100 483 IL Rising 57 30 773
MT Rising 0 100 32 MI Rising 90 28 362
WI Rising 31 99 498 NH Falling 57 28 29
AR Rising 1 98 586 VT Rising 82 15 6
AZ Rising 2 98 3005 RI Falling 65 10 40
KS Rising 53 96 283 MA Falling 67 9 206
WV Rising 35 94 46 CT Rising 66 8 88
OR Rising 9 89 197 NJ Falling 84 8 276
OH Rising 70 88 809 NY Falling 81 6 624
State Trend State Trend
OK Falling No -1.3 5.9 MS Falling No -5.2 9.5
UT Falling No -2.5 10.2 KY Rising No 0.0 3.7
CA Rising No 0.7 5.9 ME Rising No 0.1 2.0
NC Rising No 0.5 7.5 IA Rising No 0.2 6.7
TX Rising No 3.6 14.6 LA Rising No 3.1 7.0
WY Falling No 0.0 4.7 MN Rising No 0.5 3.3
GA Rising No 4.3 13.3 IN Rising No 1.4 4.7
NM Rising No 0.4 3.2 VA Rising No 0.5 4.9
SC Falling No -2.2 13.7 ND Rising No 0.8 3.0
AK Rising No 0.2 0.8 SD Rising No 1.0 6.7
ID Rising No 3.9 11.4 CO Rising No 1.0 5.0
AL Rising No 4.6 13.2 HI Falling No -0.1 1.0
MO Rising No 0.8 6.1 DE Rising No 0.8 4.7
TN Rising No 1.5 8.2 NE Falling No -0.2 5.6
FL Rising No 3.1 16.1 PA Rising No 0.4 4.6
NV Rising No 6.4 15.4 MD Rising No 0.1 4.9
WA Rising No 0.4 4.8 IL Rising No 0.1 2.7
MT Rising No 0.1 1.3 MI Rising No 0.1 2.2
WI Rising No 1.8 5.4 NH Rising No 0.0 2.1
AR Rising No 2.9 8.8 VT Rising No 0.2 0.7
AZ Rising No 0.8 22.9 RI Falling Yes -0.6 1.4
KS Rising No 3.3 9.1 MA Falling No 0.0 2.4
WV Rising No 0.5 1.9 CT Falling Yes -0.3 1.0
OR Rising No 1.4 5.1 NJ Falling No -0.1 1.4
OH Rising No 0.8 4.8 NY Rising No 0.1 1.1
State Trend Net State Trend Net
OK Falling 80 7 7 MS Falling 64 -2 16
UT Rising 53 5 5 KY Rising 73 5 5
CA Rising 80 200 200 ME Rising 75 1 1
NC Falling 81 -1 -1 IA Falling 66 -7 -4
TX Rising 0 349 349 LA Rising 90 18 19
WY Falling 75 0 0 MN Rising 53 -5 -10
GA Rising 43 58 58 IN Falling 61 -18 -6
NM Rising 65 -3 -3 VA Rising 74 -6 8
SC Falling 37 28 28 ND Falling 84 -1 0
AK Rising 71 0 0 SD Falling 68 -2 -3
ID Falling 0 0 0 CO Falling 85 -3 3
AL Rising 19 14 14 HI Falling 0 0 0
MO Falling 82 1 1 DE Rising 80 0 -4
TN Rising 12 12 12 NE Falling 24 -2 -2
FL Falling 47 0 0 PA Rising 76 -12 -15
NV Rising 49 29 29 MD Falling 62 -23 -16
WA Rising 83 11 11 IL Rising 82 -24 -13
MT Falling 81 0 0 MI Rising 76 33 -12
WI Rising 80 0 0 NH Falling 71 -3 -3
AR Rising 1 6 6 VT Rising 78 1 0
AZ Rising 5 94 94 RI Falling 71 -5 -4
KS Falling 0 0 0 MA Falling 79 -26 -31
WV Rising 78 1 1 CT Rising 85 -7 -6
OR Falling 78 -5 -5 NJ Rising 80 -13 -14
OH Rising 57 22 22 NY Rising 85 -39 -30
COVID-19 Net Hospitalizations By State: 7 Day Moving Average As-Of 6/30/20Days Since
Peak
% of
Peak
Days Since
Peak
% of
PeakNew Hospitalizations Per Day: Distribution & TrajectoryNew Hospitalizations Per Day: Distribution & Trajectory
COVID-19 Case Count By State: 7 Day Moving Average As-Of 6/30/20
New Cases Per Day: Distribution & Trajectory New Cases Per Day: Distribution & Trajectory
% of
Peak
Days Since
Peak
Days Since
Peak
% of
Peak
COVID-19 Positive Test Rate By State: 7 Day Moving Average As-Of 6/30/20
At Low?
WoW
Change At Low?
WoW
ChangePositive Test Rate: Distribution & Trajectory Positive Test Rate: Distribution & Trajectory
Positive
Rate
Positive
Rate
For Personal Use Only—Do Not Forward
BespokePremium.com © Copyright 2020, Bespoke Investment Group, LLC. The information herein was obtained from
sources which Bespoke Investment Group, LLC believes to be reliable, but we do not guarantee its
accuracy. Neither the information, nor any opinions expressed, constitute a solicitation of the
purchase or sale of any securities or related instruments. Bespoke Investment Group, LLC is not
responsible for any losses incurred from any use of this information.
9
US Markets: ADP data missed expectations in June (2.369 mln vs 2.9 mln) and June auto sales num-
bers, FOMC Minutes, ISM manufacturing PMI, Markit manufacturing PMI, and construction spending
are all on the schedule. Mortgage applications also fell for a second week running. To stay on top of all
the latest reports, make sure to check out our Interactive Earnings Calendar. You can also follow US
and Global data with our Economic Scorecard.
Morning Commentary
Change Change
Asset Level Since Fri. 5d Chg 3m Chart Asset Level Since Fri. 5d Chg 3m Chart
S&P 500 3069.50 -67.1 63.9 Gold 1794.80 -31.7 128.7
Russell 1419.70 -124.5 167.6 Silver 18.55 -49.4 471.5
VIX Fut 31.67 257.5 -574.4 WTI 39.86 150.2 470.2
TSX 928.50 0.0 145.3 Copper 271.75 -40.3 247.0
2 Year 14.85 0.0 14.7 Nikkei 22121.73 -74.7 -183.1
5 Year 29.10 0.3 28.8 CSI 300 4247.78 201.3 262.8
10 Year 67.25 1.6 66.6 ASX 200 5934.40 61.9 -52.5
30 Year 143.45 2.4 142.0 STOXX 600 357.31 -84.1 3.9
2s10s 52.20 1.8 3.3 BBG USD 1220.83 8.6 28.8
5s30s 114.19 2.1 3.0 EURUSD 1.1207 -24.0 -39.1
5 Yr BE 117.64 0.6 116.5 USDJPY 107.39 -50.0 32.7
10 Yr BE 134.34 0.5 133.0 EM FX 54.29 0.7 -54.8
Jul '20 99.73 0.3 0.03 CDX IG 75.98 0.1 -2.5
Sep '20 99.74 0.5 0.03 iTraxx IG 66.52 -0.7 -2.1
Dec '20 99.71 0.0 0.04 CDX HY 519.33 0.6 2.8
Mar '21 99.80 0.0 0.03 iTraxx HY 382.12 -0.5 -11.0
Euro
do
llar
s
Cre
dit
Bespoke Major Asset Class Dashboard
Equ
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Futs
Co
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(bps)(bps)