Deutsche Bank: “With the polls steady and heavily favoring Biden, the market is increasingly shifting focus towards thinking about how the Senate results might be the main driver behind the market reactions to the November 3rd election. Certainly the Senate make-up, and the size of the majority, will be an important part of the response. However,…[Read more]

Bernstien: AAPL has had a tremendous run, and now trades at 31x FY 21 estimates, a premium to many consumer companies and its highest relative level in over a decade. While we believe sell-side estimates remain too low, we worry that once a strong cycle is fully “baked” into estimates, likely around Dec-January, the stock could struggle to…[Read more]

J.P. Morgan: “We came away largely positive from the event led by our expectation for the latest line-up of iPhones to drive a strong replacement cycle, led by the combination of:

1) new exterior designs and form factor changes;

2) broader range of display sizes and price points (from 5.8″ to 6.5″ in 2019 to 5.4″ to 6.7”)

3) competitive pricing…[Read more]

Weekly Williams %R stayed overbought in September on the $SPX, which they view as #bullish into 4Q; so, if this overbought condition holds, then the statistical likelihood of an additional grind higher increases dramatically.

GOLDMAN:
“the vaccine represents a more important factor than the election result for the path of equities. “

Nomura’s Charlie McElligott: “My view continues to be that the final election determination will not quite realize the ‘extreme chaos’ which has been anticipated by this incredibly hyped event…I am anticipating a pretty comfortable Biden win without a ton of drama, as Trump is losing swing states suburban wives and the 65+ cohort on the pande…[Read more]

Nonfarm Payroll estimates:
Oxford Economics: 600K
Citi: 1.2mm
Merrill: “We expect nonfarm payroll growth of 800k in September and the unemployment rate to improve to 8.1% from 8.4%.”
Median economists’ estimate: 800K