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

BofAML Michael Hartnett:
1. Sept/Oct = “midlife crisis” phase of investment year…however sees this as “healthy rather than dangerous correction”

2. tactical view: Sept correction is part of “topping process” but don’t expect big bear move when Fed so easy, Wall St flush with cash, vaccine expectations strong

3. upside risks taking SPX back in…[Read more]