Time Event Estimate Date Act.vs. Est. S&P
10:00 Factory Orders 1.1 9/2 0.1 0.28
10:00 Durable Goods 2.0 9/27 1.1 -0.28
Last Report
Time Event Estimate Date Est Act. Diff. S&P Best Worst
8:30 Personal Income 0.3 8/27 0.3 1.1 0.8 0.88 Ener HC
8:30 Personal Spending 0.7 8/27 0.4 0.3 -0.1 0.88 Ener HC
8:30 PCE Core Deflator 0.3 8/27 0.3 0.3 0.0 0.88 Ener HC
9:45 Markit Manufact PMI 50.3 9/23 61.0 60.5 -0.5 1.21 Ener Util
10:00 Michigan Confidence 70.9 9/17 72.0 71.0 -1.0 -0.91 HC Mat.
10:00 Construction Spending 0.0 9/1 0.2 0.3 0.1 0.03 Util Ener
10:00 ISM Manufact. 59.7 9/1 58.5 59.9 1.4 0.03 Util Ener
11:00 Harker Discusses Economic Outlook
11:00 Total Vehicle Sales
13:00 Baker Hughes Rig Count
KDP Investor Meeting
Last Report
Upgrades
Ticker Firm From To
CNP Barclays Mkt Wgt Overwgt
FIVN Evercore Inline Outperf
FIVN Wells Fargo Mkt Wgt Overwgt
GIS Citigroup Neutral Buy
KMX Wolfe Mkt Perf Outperf
PVH Barclays Underwgt Mkt Wgt
Downgrades
Ticker Firm From To
CGC B of A Buy Neutral
DLTR KeyBanc Overwgt Mkt Wgt
ISRG Citigroup Buy Neutral
SAVE JP Morgan Overwgt Neutral
SLGN JP Morgan Neutral Underwgt
Initiations/Reiterations
Ticker Firm Action Rating
ALGN Credit Suisse Initiated Outperf
AMZN RBC Capital Initiated Outperf
EA Truist Reiterated Buy
ENPH BMO Capital Initiated Outperf
GOOGL RBC Capital Initiated Outperf
IBM Jefferies Initiated Buy
- US Futures Turnaround From Overnight Lows; 10-Year Yield Below 1.5%.
- Crypto Rallies as Bitcoin and Ether Up 7%+.
- Merck's Antiviral COVID Pill Reduces Death and Hospitalization Rates By 50%.
Trading Up ($):
MSTR (25.61), AVIR (10.05), COIN (9.02), ZM (8.9), RNG (6.5), MRK (5.84)
Trading Down ($):
REGN (-18.18), MRNA (-16.86), NVAX (-10.92), VIR (-5.52), ALLE (-3.68), CROX (-1.98)-3.00
-2.50
-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 8:00
Pe
rce
nt
Ch
ange
Asia Opens
Europe Opens
Today’s Events
Stock Specific News of Note
Noteworthy Macro EventsOther MarketsOvernight Trading
Tomorrow and Beyond
Overnight Trading
Analyst Actions
Indicators/EventsMarket Timing Model
© Copyright 2021, 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.
Key Earnings Reports
Key Major Economic Indicators
BespokePremium.com
For Personal Use Only—Do Not Forward1
Ticker News
ALLE Lowered full year EPS guidance citing inflation and parts shortages.
COTY Will sell 9% stake in Wella to KKR in exchange for convertible preferred shares.
FIVN Terminates merger agreement with ZM after shareholders voted it down.
FLR Announced $1.2 bln contract with US Navy for nuclear propulsion work.
JEF Reported better than expected EPS and sales.
KDP Reaffirmed full year EPS guidance and announced $4 bln buyback.
MRK Says oral antiviral COVID 19 treatment reduced risk of hospitalization and death by 50%.
NIO Announces 125% increase in September deliveries (10,628).
RIDE Foxconn says it will buy 50 million in shares of the company.
Bearish Bullish
Category One Week Two Weeks One Month
Sentiment 0.16 0.26 0.65
Technicals 0.34 0.48 0.82
Fundamental 0.19 0.40 0.66
Overall 0.20 0.38 0.70
Average (all days) 0.16 0.32 0.66
Expected S&P 500 Return (%)
Neutral
i -2.3 %
h Closed
i -0.1
i -0.6
Oil 74.66 i -$0.4
Gold 1754.6 i -$2.4
$/Euro 0.862 i 0.00
$/Yen 111.14 i -0.2
Bitcoin 47,558 h 4,121
10-Yr 1.49 h 0.00
Japan
China
Germany
UK
Market and Sector Seasonality – Last 10 Years
Ticker Date TOD EPS Sales
PEP 10/4 PM 76% 79% 6%
Price Reaction: most recent report is on the left.
Price Reaction
(Last 8 Reports)
Beat Rate Raised
Guid.
Other Key Events
One Week One Month Three Months0.98% 2.13% 7.07%
84 78 99
10:00 Bullard Discusses Economy
F September Sales Release
OPRX Will replace LDL in the S&P 600 effective 10/4.
SPWR Will replace XEC in the S&P 400 effective 10/5.
Sector One Week One Month Three Months
Comm Services (XLC) -0.84 0.00 3.52
Cons Discret (XLY) 1.24 1.55 5.59
Cons Staples (XLP) 0.66 1.07 5.44
Energy (XLE) -0.05 -0.93 5.92
Financials (XLF) 1.63 2.61 8.58
Health Care (XLV) 0.85 1.03 7.94
Industrials (XLI) 0.59 1.81 7.56
Materials (XLB) 0.03 1.49 7.16
Real Estate (XLRE) 0.46 0.84 2.42
Technology (XLK) 0.13 3.44 8.52
Utilities (XLU) 1.11 2.78 1.04
Median Performance (%) From 10/1 Close…
Below we show seasonal trends for the next week, month,and quarter. The values at the top show median performancefor the S&P 500 for each period over the last ten years andthe numbers in the dials show the percentile ranks relative toall other periods in the last year. In the table, we showmedian performance for each sector during the upcomingweek, month, and 3-month periods over the last ten years.
Commodity Current 1 Wk Ago
$/Euro OB N
$/Yen OB OB
2-Year OS OS
10-Year OS OS
Gold OS OS
Silver OS OS
Copper OS N
Crude Oil OB OB
Heating Oil OB OB
Gasoline N N
Natural Gas OB OB
OS N OB
-0.10
0.00
0.10
0.20
0.30
0.40
0.50
0.60
Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21
Bonds Outperforming Stocks
Stocks Outperforming Bonds
Ticker % Chg. Occ. Chg. Percent Up Chg. Percent Up
JRVR 11.4 2 -3.9 0.0 0.8 50.0
ANGO 11.0 7 -5.5 0.0 -6.1 14.3
PRGO 8.8 13 -1.5 15.4 -0.3 46.2
PVAC 8.0 98 0.3 50.0 1.5 54.1
BBBY -22.2 18 2.6 66.7 1.0 55.6
KMX -12.6 5 1.1 40.0 -7.5 20.0
KSS -12.2 13 -0.7 30.8 2.5 61.5
RGS -11.5 14 0.3 28.6 0.7 57.1
Average Return (%)
Next Day Next Week
Index/Sector Current 1 Wk Ago
S&P 500 OS N
Cons Discret. OS N
Cons Staples OS N
Energy OB OB
Financials N N
Health Care OS N
Industrials OS OS
Materials OS OS
Technology OS N
Comm. Svcs OS N
Utilities OS OS
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
Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21
Extreme Overbought
Overbought
Oversold
Extreme Oversold
54.8
11.0
0
10
20
30
40
50
60
70
80
90
100
Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21
Green indicates percentage of oversold stocks, and red indicates percentage of overbought stocks.
OB
OS
Indicator Change50-Day Moving Avg Spread i -3.1 % 0.3 %10-Day A/D Line i -807 -360# of Overbought Stocks i 55 117
# of Oversold Stocks h 274 154
P/E Ratio Trailing i 25.80 26.65 Forward i 21.60 22.01
Dividend Yield h 1.37 % 1.33 %
Credit Spreads (bps)High Yield h 309 303Corporate Bonds i 87 89
Current One Week Ago
© Copyright 2021, 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 Personal Use Only—Do Not Forward2
For an explanation of the first two pages of this report, please click here.
Ticker Price
PBCT 17.47 2.29 -0.92 32.8
Standard Deviations
Above 50-Day Avg
Avg % Return
(One Week)
Percent of
Time Positive
Ticker Price
CCI 173.34 -3.03 6.90 100.0
Standard Deviations
Below 50-Day Avg
Avg % Return
(One Week)
Percent of
Time Positive
BBG US Dollar Index: Last Six Months
BBG US Dollar Index: Last 15 Trading Days
1110
1120
1130
1140
1150
1160
1170
4/6 5/4 6/1 6/29 7/27 8/24 9/21
1110
1120
1130
1140
1150
1160
1170
1180
4/6 5/4 6/1 6/29 7/27 8/24 9/21
50-DMA: 1148
200-DMA: 1135
1138
1142
1146
1150
1154
1158
1162
1166
1170
1174
9/9 9/13 9/15 9/17 9/21 9/23 9/27 9/29
1168
Gold Future: Last Six Months
Gold Front Month Future: Last 15 Trading Days
1650
1700
1750
1800
1850
1900
1950
4/1 4/29 5/27 6/25 7/26 8/23 9/21
1650
1700
1750
1800
1850
1900
1950
4/1 4/29 5/27 6/25 7/26 8/23 9/21
1710
1730
1750
1770
1790
1810
1830
9/9 9/13 9/15 9/17 9/21 9/23 9/27 9/29
200-DMA: 1806
50-DMA: 1788 1726
S&P 500: Last Six Months
S&P 500: Last 15 Trading Days
3750
3850
3950
4050
4150
4250
4350
4450
4550
4650
3/31 4/29 5/27 6/25 7/26 8/23 9/21
3750
3850
3950
4050
4150
4250
4350
4450
4550
4650
3/31 4/29 5/27 6/25 7/26 8/23 9/21
4250
4300
4350
4400
4450
4500
4550
9/9 9/13 9/15 9/17 9/21 9/23 9/27 9/29
200-DMA: 4131
50-DMA: 4444
4359
Russell 2000: Last Six Months
Russell 2000: Last 15 Trading Days
1950
2000
2050
2100
2150
2200
2250
2300
2350
2400
3/31 4/29 5/27 6/25 7/26 8/23 9/21
200-DMA: 2215
2120
2166
2212
2258
2304
9/9 9/13 9/15 9/17 9/21 9/23 9/27 9/29
50-DMA: 2229
2225
Nasdaq Composite: Last Six Months
Nasdaq Composite: Last 15 Trading Days
12300
12800
13300
13800
14300
14800
15300
15800
3/31 4/29 5/27 6/25 7/26 8/23 9/21
12300
12800
13300
13800
14300
14800
15300
15800
3/31 4/29 5/27 6/25 7/26 8/23 9/21
50-DMA: 14915
200-DMA: 13940
14300
14500
14700
14900
15100
15300
15500
9/9 9/13 9/15 9/17 9/21 9/23 9/27 9/29
14512
Oil Future: Last Six Months
Oil Future: Last 15 Trading Days
4/1 4/29 5/27 6/25 7/26 8/23 9/21
50
55
60
65
70
75
80
4/1 4/29 5/27 6/25 7/26 8/23 9/21
200-DMA: 64
66
67
68
69
70
71
72
73
74
75
76
77
78
9/9 9/13 9/15 9/17 9/21 9/23 9/27 9/29
50-DMA: 70
74.66
© Copyright 2021, 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
12500
13000
13500
14000
14500
15000
15500
16000
16500
3/31 4/29 5/27 6/25 7/26 8/23 9/21
12500
13000
13500
14000
14500
15000
15500
16000
16500
3/31 4/29 5/27 6/25 7/26 8/23 9/21
200-DMA: 14276
13800
14000
14200
14400
14600
14800
9/9 9/13 9/15 9/17 9/21 9/23 9/27 9/29
50-DMA: 14549
14243
Long Bond Future: Last Six Months
Long Bond Future Intraday: Last 15 Trading Days
151
154
157
160
163
166
4/6 5/4 6/2 6/30 7/29 8/26 9/24
151
154
157
160
163
166
4/6 5/4 6/2 6/30 7/29 8/26 9/24
200-DMA: 159
158
159
160
161
162
163
164
165
9/9 9/13 9/15 9/17 9/21 9/23 9/27 9/29
50-DMA: 163
159.44
For Personal Use Only—Do Not Forward
BespokePremium.com © Copyright 2021, 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: Crypto is surging (up almost 10% over the past 24 hours), rates are bull-flattening, equity
index futures are ramping (+1.2% from 3:00 AM lows, pricing a 0.3% gain at the open), the dollar is
down, and commodities are mixed. Fed speakers today include Harker (likely to replace retiring Boston
Fed President Rosengren on the FOMC next year and is on the fence about a 2022 hike) and Mester
(who is not the most hawkish FOMC member but tilts that direction). Global Economic Scorecard
Washington Today: Contours for compromise within the Congressional Democratic caucus are finally
emerging. Last night, Speaker Pelosi did not move forward with a vote on the bipartisan infrastructure
bill because enough House Progressive Caucus members signaled they would refuse to vote for it. That
puts pressure on moderate Senators Manchin and Sinema, because it demonstrates they cannot hold
out indefinitely but have to bargain with Congressional leadership and the White House over the size
of the bill and what it contains.
House progressives are not opposed to the infrastructure bill but are holding it hostage in order to
make sure some form of reconciliation is passed. Manchin has signaled a low-$2s trillion dollar recon-
ciliation bill is possible and actual negotiations appear to finally be taking place. This is constructive
because previously nobody was bargaining over anything. Manchin/Sinema’s demands were unclear
and there was no negotiation because both sides thought passing infrastructure but not reconciliation
was an option. Now, with infrastructure held up, there’s urgency to pass reconciliation. The next ques-
tion will be if progressives will agree to a ~$2 trillion package. Our suspicion is yes, but details which
haven’t yet been hammered out are likely to be important factors in that analysis.
Debt Ceiling: As we’ve repeatedly mentioned, the Congressional slate this fall is complicated by the fac
that it contains not only the bipartisan infrastructure plan, the reconciliation bill, a government funding
fight, but also the debt ceiling. There’s interplay between these three though in technical terms they
are unrelated legislative issues. Earlier this week the Senate agreed to a continuing resolution that
pushed government shutdown off the table until December. Infrastructure will pass the House if recon-
ciliation negotiations can be hammered out and there’s movement on that. That leaves the debt ceil-
ing. Democrats ruled out using the reconciliation process to raise it. While that doesn’t mean that ap-
proach won’t happen, it’s unlikely at this point.
That leaves four possible alternatives: default, ending the filibuster, Republicans compromising, or
more “out there” solutions like ignoring the debt ceiling or minting the coin, both of which would end
up being reviewed by SCOTUS. We won’t discuss the idea of minting the coin for now, but you can read
about it in Bloomberg here (link; paywall). Default would be cataclysmic and in our view is still relative-
ly unlikely. The question then becomes whether Republicans fold and agree to raise the debt limit, or if
Democrats use reticence over moving a debt limit raise past a cloture vote as a justification to remove
the filibuster. In our view, the GOP coming to the table is more likely, though ultimately which way this
goes isn’t important so long as the ceiling is raised. As a reminder, the debt ceiling is an entirely arbi-
trary constraint on the Treasury, which is not dependent on Treasury’s ability to issue debt and contra-
dicts lawful instructions from Congress to Treasury to make payments as part of spending bills. Ideally,
the debt ceiling will be abolished or raised to an arbitrarily high number this fall so we don’t have to
hear about it any more.
For Personal Use Only—Do Not Forward
BespokePremium.com © Copyright 2021, 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.
5
APAC Markets: China and Hong Kong were shuttered for the week, which left APAC lots of space to sell
off without any catalysts from the region’s largest economy. The TOPIX dropped 2.2% in Tokyo and
TWSE was down 2.2% in Taipei, while the rest of the region was also in the red albeit slightly less. De-
spite the risk off tone, the dollar was down broadly against local FX, including USDJPY which has
dropped over the last two sessions after breaking out to a 52-week high earlier this week. With China
closed, iron ore was down modestly in Singapore futures trade.
One final note from the region: this morning, Taiwan’s government reported 25 Chinese aircraft en-
tered Taiwan’s air defense identification zone, likely in response to a speech at the Hoover Institution
this week from the country’s foreign minister. That speech highlighted Chinese efforts to attack the
Taiwanese government. Open military conflict over Taiwan remains a very low probability event, but
the tempo of China-Taiwan disputes is not easing.
Europe Markets: An inflation beat isn’t enough to keep Eurozone bond yields up this morning, but the
STOXX 600 is down modestly anyways on 3:2 negative breadth at the single stock level. Energy prices
continue to soar with UK natural gas 1m forwards trading at the equivalent of $190/barrel oil. Month-
ahead electricity futures for Germany, France, and the UK are trading roughly 320% above their 2007-
2019 average prices, well over $220/MWh. Rate declines have banks down almost 1% while Utilities
and Real Estate pace the gains, both up over 1.1%. That’s a reversal of the pattern we’ve seen over the
last few weeks.
With the STOXX 600 about 5% below where it closed on September 6th (which was not a record high,
but was close to the high water market from August 13th), it’s worth assessing where the damage has
come. As shown below, Energy and other cyclical names have gained, while Utilities, Resources, and
Tech have gotten smoked. This is pure macro: energy prices soaring in Europe have driven up those
companies, while providing a tailwind for the bear-steepening of yield curves and higher real rates
which have hit Tech. At the same time, the Evergrande story has weighed on industrial metals and their
miners.
Morning Commentary
STOXX 600 Groups Over Course of Recent Pullback (EUR)
-4.6
7.4
1.9 1.2 0.8
-2.6 -2.9 -3.3 -4.2 -4.2 -5.0 -5.7 -5.8 -6.1 -6.2 -6.3 -6.4 -7.2 -7.3-9.3 -9.8-12
-10-8-6-4-202468
10
Performance Since 9/6 Closing High (%)
For Personal Use Only—Do Not Forward
BespokePremium.com © Copyright 2021, 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
Overnight Data: Korean exports fell in September, driven by both China and RoW. In Japan, solid labor
market data was joined by strong Tankan surveys, which showed an impressive rebound in capex in-
tentions. Markit manufacturing PMIs missed in Asia and beat in Europe but continue to decelerate
broadly around the world. Non-Markit gauges were improved but are still off their highs. Inflation in
Europe continues to accelerate on a high frequency basis, up above 2.3% annualized in September pre-
liminary core HICP for the Eurozone.
Morning Commentary
Korea Exports MoM (%, SA By Bespoke) Japanese Capex Plans Continue to Rebound
APAC Markit PMIs Still Weakening Despite Korea Bounce Broad Peaking of European PMIs
Eurozone Inflation Accelerating Non-Markit PMIs For Europe Look Slightly Better In September
-8
-6
-4
-2
0
2
4
6
8
10
12
China
Ex China
-15
-10
-5
0
5
10
15
20
Tankan Capex Forecast (SA ByBespoke)
30
35
40
45
50
55
60
65
South Korea - Manufacturing - 52.4 vs 51.2 prior
Taiwan - Manufacturing - 54.7 vs 58.5 prior
Vietnam - Manufacturing - 40.2 vs 40.2 prior
30
35
40
45
50
55
60
65
Poland - Manufacturing - 53.4 vs 56 prior
Czech - Manufacturing - 58 vs 61 prior
Eurozone - Manufacturing - 58.6 vs 61.4 prior
-2.29
-1.24
-0.27
1.00
0.630.84
1.24
2.27
-3
-2
-1
0
1
2
3
EZ Core HICP MoM Ann. %, SABy Bespoke
30
35
40
45
50
55
60
65
70
75
Swiss procure.ch PMI
Swedbank Sweden PMI
For Personal Use Only—Do Not Forward
BespokePremium.com © Copyright 2021, 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
Coronavirus: Case counts, hospitalizations, and deaths are continuing to roll over in the US which is a
welcome development. More important today may be the news that Merck’s (MRK) oral anti-viral
COVID treatment has shown that it reduced deaths and hospitalizations in COVID patients versus a pla-
cebo. If avoiding negative outcomes from COVID can be as simple as popping a pill within five days of
symptom onset, that will be a big step in returning back to normal.
Morning Commentary
COVID-19 National Tracking Data: As-Of 9/29/2021
Note: As-of 9/27/2021
Note: As-of 9/28/2021
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
Period Subject To Most Revision
Persons Receiving First Dose (% 12+Population, Daily Change, 7d Avg)
JNJ Paused
0
50
100
150
200
250
300
New Cases ('000s)
7-Day Moving Avg
1
6
11
16
21
26
0
200
400
600
800
1000
1200
1400
1600
1800
2000 Total Tests 7dAvg ('000s)
Period MostSubject ToRevision
7 Day PositiveTest Rate (%)
0
20
40
60
80
100
120
140
Total COVID-19Hospitalizations ('000s)Period Most Subject ToRevision
0
10
20
30
40
50
60
70
80
Partially Vaccinated (% 12+ Population)
Fully Vaccinated (% 12+ Population)
Total w 1+ dose: 75.5%
Fully Vax'd:
65%
0
500
1000
1500
2000
2500
3000
3500
4000
4500
Deaths
7-Day Moving Avg
For Personal Use Only—Do Not Forward
BespokePremium.com © Copyright 2021, 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 Global New Cases Per Day Per mm Population (7d Avg)
0
100
200
300
400
500
600
700
800
World
Americas Ex US
EU
East Asia
Africa
US
Rest of World
0
50
100
150
200
250
300
World
East Asia
Africa
India
0
50
100
150
200
250
300
350
400Ethiopia
Ghana
Kenya
Nigeria
South Africa
0
100
200
300
400
500
600
700
800
Canada
Brazil
Chile
Mexico
US
0
100
200
300
400
500
600
700
800
900
1000
FranceGermanyItalySpainUnited KingdomSweden
0
20
40
60
80
100
120
140
160
180
200
China
Japan
South Korea
Singapore
Top Related