Time Event Estimate Date Act.vs. Est. S&P
8:30 Chicago Fed NAI n/a 5/26 -13.2 1.23
10:00 Existing Home Sales 4.13 mln 5/21 0.11 -0.78
Last Report
Time Event Estimate Date Est Act. Diff. S&P Best Worst
None
10:15 Fed's Rosengren Discusses Economic Outlook
12:00 Fed's Quarles Discusses Fed Stress Testing
13:00 Baker Hughes Rig Count
13:00 Powell and Mester Hold Community Event
Last Report
Upgrades
Ticker Firm From To
CSL BMO Capital Mkt Perf Outperf
DT Goldman Neutral Buy
EOG SunTrust Hold Buy
FOXA Macquarie Underperf Neutral
OXY SunTrust Hold Buy
ULTA Barclays Mkt Wgt Overwgt
Downgrades
Ticker Firm From To
FULC Merrill Buy Neutral
HUN Seaport Buy Neutral
LPX TD Buy Neutral
WORK Goldman Neutral Sell
Initiations/Reiterations
Ticker Firm Action Rating
AAPL Jefferies Reiterated Outperf
ACN Cowen Reiterated Outperf
LULU UBS Reiterated Outperf
NKE Telsey Reiterated Outperf
PSTI Jefferies Initiated Buy
W G Haskett Reiterated Outperf
- China Reportedly Agrees to Increase Farm Purchases.h 0.6 %
h 1.3
h 1.1
h 1.3
Oil 39.94 h $1.1
Gold 1742.3 h $11.2
$/Euro 0.892 i 0.00
$/Yen 106.85 i -0.1
10-Yr 0.72 h 0.01
Japan
China
Germany
UK
Trading Up ($):
UONE (27), AMZN (25.92), TSLA (10.55), SPOT (6.72), WING (5.33), MPC (3.16)
Trading Down ($):
BYSI (-3.2), NFLX (-0.87), NEON (-0.62), PM (-0.62), WORK (-0.58), GILD (-0.22)-0.50
0.00
0.50
1.00
1.50
2.00
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
AMC Announces that it will resume theater operation beginning on July 15th.
DKNG Prices increased secondary stock offering at $40.
HOME Missed EPS forecasts by 19 cents (-0.61 vs -0.42) on weaker revenues; gives no guidance.
KMX Missed EPS forecasts by 11 cents (0.03 vs 0.14) on stronger revenues; June activity improving.
MPC WSJ reports that company is in talks to sell its Speedway gas station business.
STLD Sees stronger than expected Q2 EPS; says construction related demand has been steadier.
SWBI Beat EPS forecasts by 23 cents (0.57 vs 0.34) on stronger revenues.
TXT Announces restructuring plan which includes a 6% reduction in headcount.
VTR Announces 40% cut in quarterly dividend down to 45 cents per share.
TRUE Says that vehicle demand returned in May and that trend has continued in June.
Bearish Bullish
Category One Week Two Weeks One Month
Sentiment 0.19 0.24 0.46
Technicals 0.08 0.26 0.43
Fundamental 0.17 0.18 0.43
Overall 0.14 0.22 0.44
Average (all days) 0.14 0.27 0.54
Expected S&P 500 Return (%)
Neutral
Ticker Date TOD EPS Revs.
INFO 6/23/20 AM 0.66 1049
AVAV 6/23/20 PM 0.69 123
LZB 6/23/20 PM 0.21 393.1
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 & SplitsKAMN 0.20
WRB 0.12
None
DOCU Will replace UAL in the Nasdaq 100 Index on 6/22.
BIO Will replace HOG in the S&P 500 effective 6/22.
TDY Will replace JWN in the S&P 500 effexctive 6/22.
TYL Will replace ADS in the S&P 500 effective 6/22.
IBTX Will replace PGNX in the S&P 600 effective 6/22.
Index Changes
Ticker Price
COST 299.57 -1.25 1.04 65.4
Standard Deviations
Below 50-Day Avg
Avg % Return
(One Week)
Percent of
Time Positive
Ticker Price
AAL 16.49 1.48 -1.16 35.1
Standard Deviations
Above 50-Day Avg
Avg % Return
(One Week)
Percent of
Time Positive
Commodity Current 1 Wk Ago
$/Euro OS OS
$/Yen N OS
2-Year N N
10-Year N N
Gold N N
Silver N OB
Copper OB OB
Crude Oil OB N
Heating Oil OB N
Gasoline OB OB
Natural Gas OS 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
ABM 20.0 4 -1.7 50.0 -1.7 50.0
ENPH 17.1 26 2.4 65.4 5.8 69.2
GPRE 7.9 38 -0.7 47.4 0.4 60.5
PBF 7.9 34 -1.1 47.1 -2.5 41.2
CRY -25.5 6 2.5 66.7 -3.3 50.0
TISI -16.9 14 2.6 57.1 3.5 57.1
X -13.1 9 3.9 66.7 1.0 55.6
BGG -12.4 11 -0.6 45.5 -4.3 18.2
Average Return (%)
Next Day Next Week
Index/Sector Current 1 Wk Ago
S&P 500 OB N
Cons Discret. OB N
Cons Staples N N
Energy N N
Financials N N
Health Care N N
Industrials OB N
Materials OB N
Technology OB N
Comm. Svcs OB N
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
3.4
40.6
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 h 5.8 % 3.8 %10-Day A/D Line h 343 317# of Overbought Stocks h 203 58# of Oversold Stocks i 17 27
P/E Ratio Trailing h 21.76 20.96 Forward h 24.86 23.99
Dividend Yield i 1.95 % 2.02 %
Net Earnings Revisions i -30.3 % -23.0 %
Credit Spreads (bps)High Yield i 585 640Corporate Bonds i 157 170
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.
BespokePremium.com
For Personal Use Only—Do Not Forward2
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
12/20 1/21 2/18 3/17 4/15 5/13 6/10
1180
1190
1200
1210
1220
1230
1240
1250
1260
1270
1280
1290
1300
1310
12/20 1/21 2/18 3/17 4/15 5/13 6/10
50-DMA: 1238
200-DMA: 1217
1190
1195
1200
1205
1210
1215
1220
1225
1230
1235
1240
5/29 6/2 6/4 6/8 6/10 6/12 6/16 6/18
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
12/17 1/16 2/14 3/16 4/14 5/12 6/10
1350
1400
1450
1500
1550
1600
1650
1700
1750
1800
1850
12/17 1/16 2/14 3/16 4/14 5/12 6/10
1680
1690
1700
1710
1720
1730
1740
1750
1760
1770
1780
5/29 6/2 6/4 6/8 6/10 6/12 6/16 6/18
200-DMA: 1603
50-DMA: 1741
1740
S&P 500: Last Six Months
S&P 500: Last 15 Trading Days
2100
2300
2500
2700
2900
3100
3300
3500
12/17 1/16 2/14 3/16 4/14 5/12 6/10
2100
2300
2500
2700
2900
3100
3300
3500
12/17 1/16 2/14 3/16 4/14 5/12 6/10
2950
3000
3050
3100
3150
3200
3250
5/29 6/2 6/4 6/8 6/10 6/12 6/16 6/18
200-DMA: 3018
50-DMA: 29453115
Russell 2000: Last Six Months
Russell 2000: Last 15 Trading Days
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
12/17 1/16 2/14 3/16 4/14 5/12 6/10
200-DMA: 1479
1325
1375
1425
1475
1525
1575
5/29 6/2 6/4 6/8 6/10 6/12 6/16 6/18
50-DMA: 1326
1427
Nasdaq Composite: Last Six Months
Nasdaq Composite: Last 15 Trading Days
6500
7000
7500
8000
8500
9000
9500
10000
10500
12/17 1/16 2/14 3/16 4/14 5/12 6/10
6500
7000
7500
8000
8500
9000
9500
10000
10500
12/17 1/16 2/14 3/16 4/14 5/12 6/10
50-DMA: 9099
200-DMA: 8656
9100
9200
9300
9400
9500
9600
9700
9800
9900
10000
10100
10200
5/29 6/2 6/4 6/8 6/10 6/12 6/16 6/18
9943
Oil Future: Last Six Months
Oil Future: Last 15 Trading Days
12/17 1/16 2/14 3/16 4/14 5/12 6/10
-60
-40
-20
0
20
40
60
80
100
120
12/17 1/16 2/14 3/16 4/14 5/12 6/10
200-DMA: 72
32
33
34
35
36
37
38
39
40
41
5/29 6/2 6/4 6/8 6/10 6/12 6/16 6/18
50-DMA: 28
38.84
© 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
12/17 1/16 2/14 3/16 4/14 5/12 6/10
6000
7000
8000
9000
10000
11000
12000
12/17 1/16 2/14 3/16 4/14 5/12 6/10
200-DMA: 9777
8600
8800
9000
9200
9400
9600
9800
10000
10200
5/29 6/2 6/4 6/8 6/10 6/12 6/16 6/18
50-DMA: 8553
9208
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
12/20 1/22 2/20 3/19 4/17 5/15 6/15
150
154
158
162
166
170
174
178
182
186
190
12/20 1/22 2/20 3/19 4/17 5/15 6/15
200-DMA: 165
170
172
174
176
178
180
182
5/29 6/2 6/4 6/8 6/10 6/12 6/16 6/18
50-DMA: 178
177
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: Expect a busy day in terms of volumes with quadruple witching day (marking the expiry of
options on single stocks, options on indices, futures, and options on futures) coming on the same day
as a rebalance in the S&P 500. With $1.8trn in S&P 500 options notional expiring and as much as $48bn
in rebalancing volumes likely to hit the market, expect lots of activity throughout the day even if price
swings are smaller than you’d typically see on big volume days like that. Markets are currently priced
to gap up by half of a percent at the open, with futures trading rate at session highs for the overnight
period. Gold is at session highs as well despite rising interest rates. Global Economic Scorecard
APAC Markets: APAC markets continued to move higher yesterday, though the TOPIX dropped 2 bps to
close down for the eighth day out of the past nine. The rest of the region was higher, though, with the
onshore large cap index of Chinese stocks, the CSI 300, surging 1.3%, India up 1.5%, and Hang Seng up
0.7%. The big exception was Singapore where the FTSE Straits Times plunged 1.2%. Iron ore has re-
mained in a holding pattern at the top of its 52-week range over the past week, but copper had a good
session overnight and is set to close at the highest levels since its brutal Thursday drop last week. FX
performance was decidedly mixed, with AUD leading the way higher but declines for INR, KRW, and
IDR last night.
Wirecard: For years, journalists and short-sellers have claimed Wirecard AG, one of Germany’s biggest
tech names, was behaving fraudulently. Wirecard offers internet payment and processing services,
helping power e-commerce and other online platforms. The institutional backlash was so strong that FT
journalist Dan McCrum was investigated for criminal wrongdoing by German authorities amidst his re-
porting of fraudulent activity. Yesterday, the company reported it could not publish annual accounts
because auditors could not locate €1.9bn supposedly deposited at Asian banks; this is consistent with
the implications of McCrum’s reporting, and as a result Wirecard fell 61.8% yesterday. It’s down anoth-
er 47% today, with its 0.5% 2024 notes trading at 25 cents on the dollar. A $1bn investment from Soft-
Bank last year is also down substantially, as the stock has dropped 90% from Q3 2018 highs. This is one
of the largest frauds in German market history, and the missing €1.9bn is similar in scale to the €8bn
hole that was discovered in the accounts of European diary producer Parmalat.
Europe Markets: European equities gapped modestly higher and have run since, trading at session
highs just after 6:00 AM ET. Despite the absolute disaster that is Wirecard, there are 7 stocks higher for
every 3 lower, and Real Estate is the only group lower on the session. The FTSE 100, CAC 40, DAX 30,
and IBEX 35 are all up at least 1%, while the OMX 30 is the only major national index down on the ses-
sion. Credit is substantially stronger, with CDX outperforming but reasonably strong trade for cash
bonds as well. The European curve is bull steepening, which is helping push a bid across asset classes.
In central banking news, the Bank of Russia cut rates by a full 1% to their lowest level since at least
1992 today, reflecting the large risks to activity from both COVID (almost 600,000 confirmed cases and
8000 being added per day) and lower oil prices around the world. In regional FX, EUR is having a quiet
day versus the dollar, GBP continues to decline as cable (GBPUSD) moves below its 50-DMA, EURCHF is
down once again (though only fractionally), and EURSEK continues to edge higher in another sign of
unimpressive risk appetite.
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.
5
FX Leads The Way: Since March 23rd,
there have been titanic shifts in glob-
al FX markets, which are highlighted
best by the fact that only two major
currencies (TRY, BRL) are down ver-
sus the dollar over that period. The
biggest rallies have not just come
from emerging markets but also com-
modity-linked developed market cur-
rencies like NOK, AUD, NZD, and even
SEK.
As a result of the large increase in
implied risk appetite, the USD’s real
effective exchange rate has dropped
from its 92nd percentile since 1994
on March 23rd (the highest level
since February 12th of 2003, to the
84th percentile. It’s important to
note that the entire round-trip in the
dollar came thanks to stress and risk
aversion across global markets. The
same story is visible in the uptake of
dollar funding by foreign central
banks. Through yesterday, the total
outstanding volume had dropped by
over a third from its peak with the
ECB’s uptake of dollars less than one-
third of its peak levels from early
June and large declines across the
BoE and BoJ. Other central banks saw
smaller but still-visible declines too.
In short, the dollar has reversed its
losses because risk appetite has final-
ly stabilized and worked its way
across balance sheets and funding
markets around the world. It may
well decline further from here, but
rapid declines like the past few
months are unsustainable, in our
view.
Morning Commentary Total Returns vs USD Since March 23rd (%)
USD Real Effective Exchange Rate
Emergency Dollar Funding Demand Dries Up
21.0319.00
18.0116.27
13.6912.70
10.01 9.66
-1.11
-3.69-5
0
5
10
15
20
25
90
95
100
105
110
115
120
125
130
135
USD Real EffectiveExchange Rate
0
50
100
150
200
250
300
350
400
450
500
Federal ReserveDollar LiquiditySwaps w/ ForeignCentral Banks:Amounts…
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: Excluding New York and New Jersey, to-
tal national net change in hospitalizations is now up
using the average of the past 7 days. That’s the first
such increase since the start of May. We would note
that new reporting from Tennessee as-of June 16th
adds 59 hospitalizations per day to the total, so back-
ing out that impact, the average of 8 net hospitaliza-
tions per day over the past week is still a decline of 51.
Either way, case counts nationally continue to acceler-
ate as outbreaks in the Carolinas, Florida, Texas, Arizo-
na, and California all accelerate. The national positive
test rate is rising, and at the highest since late May,
while 30 different states report cases higher over the
last 7 days than they were a week ago. 118,000 Ameri-
cans have now died from COVID, more than twice as
many as the next-highest country (Brazil).
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
0
2
4
6
8
10
12
14
16
Day/Day Cases (%)
Day/Day Deaths (%)
0
5000
10000
15000
20000
25000
30000
35000
40000
US Case Count Day/Day
Ex NY/NJ
0
500
1000
1500
2000
2500
3000
US Deaths Day/Day
Ex NY/NJ
465,779
5.79
0
5
10
15
20
25
0
100000
200000
300000
400000
500000
600000
700000 Day/Day Tests
% Positive In Each Day's Reported Tests
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
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)
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 14 0 1,450 176 0.98 0.23 0.03 19.37 0.23 1,981.65 240.91
AL 8 -7 766 227 6,244 26 12.27 1.60 -1.37 156.20 46.27 1,273.46 5.27
AR 5 1 445 52 7,396 2,512 6.01 1.75 0.38 147.32 17.18 2,450.63 832.39
AZ 21 2 1,740 524 10,021 1,475 17.36 2.83 0.26 239.03 71.99 1,376.81 202.61
CA 58 -7 3,117 335 68,126 8,844 4.58 1.48 -0.18 78.88 8.47 1,724.18 223.83
CO 8 -3 168 -38 4,553 -182 3.68 1.44 -0.52 29.12 -6.57 790.62 -31.60
CT 11 -8 140 -35 7,234 1,459 1.93 3.21 -2.36 39.23 -9.74 2,028.97 409.26
DE 2 -2 56 5 2,093 932 2.68 2.49 -1.61 57.66 4.84 2,149.39 957.55
FL 31 -4 2,408 1,139 29,254 722 8.23 1.44 -0.21 112.12 53.02 1,362.07 33.61
GA 33 0 848 116 11,280 -1,278 7.52 3.09 0.03 79.91 10.94 1,062.45 -120.38
HI 0 0 8 4 1,011 60 0.83 0.00 0.00 5.95 2.72 714.25 42.58
IA 6 -3 274 -31 4,627 -173 5.92 1.81 -0.86 86.75 -9.83 1,466.66 -54.88
ID 0 0 53 15 1,128 -345 4.71 0.24 0.08 29.65 8.13 629.52 -192.36
IL 51 -39 616 -322 23,092 2,944 2.67 4.00 -3.07 48.61 -25.43 1,822.29 232.32
IN 16 -5 384 5 8,197 2,182 4.69 2.36 -0.81 57.08 0.81 1,217.60 324.07
KS 1 -2 124 32 2,626 385 4.73 0.34 -0.54 42.61 11.13 901.38 132.05
KY 4 -1 179 2 3,612 -2,840 4.95 0.86 -0.26 40.03 0.38 808.54 -635.77
LA 11 -4 595 179 10,793 2,437 5.51 2.30 -0.89 127.90 38.47 2,321.59 524.28
MA 40 -2 251 -121 8,310 3 3.02 5.71 -0.27 36.08 -17.45 1,195.81 0.39
MD 20 -9 433 -187 7,891 -16 5.49 3.33 -1.56 71.65 -30.88 1,305.25 -2.69
ME 0 0 30 -1 1,229 -93 2.45 0.21 -0.32 22.42 -1.06 914.29 -69.40
MI 11 -1 193 74 11,381 238 1.69 1.09 -0.11 19.30 7.38 1,139.58 23.87
MN 14 -8 180 -124 9,378 -1,063 1.91 2.43 -1.47 31.84 -22.06 1,662.85 -188.49
MO 12 2 217 26 5,472 -297 3.96 2.00 0.28 35.33 4.31 891.53 -48.35
MS 10 -1 308 34 4,445 316 6.94 3.36 -0.19 103.59 11.28 1,493.40 106.18
MT 0 0 13 10 1,585 -6 0.83 0.27 0.13 12.30 8.96 1,482.73 -5.61
NE 6 4 172 6 2,450 249 7.00 2.88 2.29 88.69 3.10 1,266.61 128.80
NC 16 1 1,244 170 17,286 2,375 7.20 1.51 0.10 118.60 16.24 1,648.14 226.46
ND 1 -1 30 -9 1,124 117 2.71 0.75 -0.75 39.93 -11.44 1,474.57 154.09
NH 4 -1 37 -18 1,725 -32 2.14 3.05 -0.74 27.11 -13.13 1,268.86 -23.32
NJ 51 -17 327 -142 20,134 -4,589 1.63 5.74 -1.87 36.85 -16.00 2,266.83 -516.65
NM 6 1 116 -42 4,334 -317 2.69 2.86 0.48 55.53 -20.10 2,067.07 -151.32
NV 2 -2 240 53 5,363 816 4.47 0.79 -0.56 77.78 17.07 1,741.19 264.88
NY 31 -13 695 -127 64,379 2,097 1.08 1.61 -0.66 35.75 -6.54 3,309.38 107.82
OH 20 -1 445 57 12,492 1,730 3.57 1.75 -0.10 38.11 4.84 1,068.65 147.99
OK 1 -1 183 80 3,951 -295 4.62 0.25 -0.22 46.14 20.18 998.53 -74.55
OR 2 1 161 52 3,905 691 4.13 0.54 0.14 38.24 12.40 925.75 163.93
PA 35 -7 329 -153 9,957 975 3.30 2.77 -0.54 25.70 -11.94 777.74 76.17
RI 9 -1 58 -19 3,399 273 1.71 8.36 -0.67 54.88 -17.53 3,208.13 257.57
SC 5 -4 730 239 7,209 4,112 10.12 0.92 -0.83 141.70 46.36 1,400.24 798.67
SD 1 -1 63 4 1,230 -73 5.16 0.81 -0.65 71.70 4.20 1,390.20 -82.84
TN 10 4 613 125 16,729 8,278 3.66 1.42 0.59 89.71 18.25 2,448.14 1,211.40
TX 26 5 2,610 944 28,774 4,808 9.07 0.91 0.16 90.00 32.54 992.36 165.82
UT 3 1 370 21 4,002 122 9.23 0.94 0.31 115.28 6.59 1,248.43 38.14
VA 9 -1 513 -171 13,510 5,831 3.80 1.10 -0.15 60.10 -20.08 1,582.83 683.18
VT 0 0 4 -8 1,077 -263 0.35 0.23 0.23 5.95 -13.28 1,725.31 -421.02
WA 5 -3 306 92 9,241 6,975 3.31 0.68 -0.36 40.18 12.14 1,213.49 915.95
WI 5 -3 279 -12 9,971 -988 2.79 0.91 -0.47 47.84 -2.06 1,712.46 -169.74
WV 0 -1 29 12 3,330 1,177 0.88 0.24 -0.32 16.47 6.87 1,863.23 658.51
WY 0 0 19 6 714 52 2.70 0.00 -0.25 33.32 10.12 1,232.93 90.34
USA 624 -139 23,132 26,956 498,713 465,779 5.79 1.90 -0.43 70.61 82.28 1,522.35 1,421.81
Week
Change
Raw Count (7 Day Average) Per 1mm Population
COVID-19 Outbreak Statistics By State: Level, Growth, and Per Capita (As-Of 6/18/2020)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
TN Rising 0 100 601 IN Rising 50 56 382
CA Rising 0 100 3127 IA Falling 49 54 262
UT Rising 0 100 373 VA Falling 25 52 528
AZ Rising 0 100 1685 ID Rising 73 49 53
TX Rising 0 100 2556 OH Rising 59 48 442
FL Rising 0 100 2329 ND Falling 33 48 31
OR Rising 2 100 157 SD Falling 62 47 61
SC Rising 1 100 700 MD Falling 37 45 459
GA Rising 67 98 839 NH Falling 43 42 40
NV Rising 2 98 228 NE Falling 48 40 156
OK Rising 1 97 168 KS Rising 45 40 106
AL Rising 2 96 725 LA Rising 73 38 581
NC Rising 2 94 1157 MN Falling 37 32 212
AK Falling 12 92 14 CO Falling 51 29 175
AR Falling 2 91 402 HI Rising 75 28 8
WA Rising 81 85 316 IL Falling 44 26 642
MO Rising 68 84 216 DE Falling 52 23 54
MS Falling 6 83 267 PA Falling 69 23 381
KY Rising 91 64 201 RI Falling 54 15 57
WV Rising 70 64 29 MI Rising 77 14 180
NM Falling 44 64 102 CT Falling 55 12 133
WI Falling 28 63 275 MA Falling 56 11 248
ME Falling 28 60 27 VT Falling 71 10 4
WY Rising 50 60 19 NJ Falling 71 9 342
MT Rising 78 57 12 NY Falling 70 7 696
State Trend State Trend
TN Falling No -3.1 3.6 IN Falling Yes -1.6 4.7
CA Falling No -0.4 4.6 IA Falling No -0.3 5.7
UT Rising No 0.2 9.3 VA Falling No -3.8 3.9
AZ Falling No -0.4 16.8 ID Rising No 1.7 4.7
TX Falling No -0.2 8.9 OH Falling Yes -0.3 3.5
FL Rising No 1.4 8.0 ND Falling No -0.7 2.7
OR Falling No -0.3 4.0 SD Rising No 0.1 5.0
SC Falling No -10.4 9.7 MD Falling No -0.5 5.8
GA Rising No 1.1 7.4 NH Falling No -0.1 2.3
NV Falling No -0.5 4.3 NE Falling No -1.0 6.4
OK Rising No 0.6 4.2 KS Falling No -0.4 4.0
AL Rising No 0.7 11.6 LA Falling No -0.7 5.4
NC Falling No -1.0 6.7 MN Rising No 0.1 2.3
AK Falling No -0.1 1.0 CO Rising No 0.1 3.8
AR Falling No -2.9 5.4 HI Rising No 0.1 0.8
WA Falling No -8.9 3.4 IL Falling Yes -0.9 2.8
MO Rising No 0.4 4.0 DE Falling No -2.2 2.6
MS Falling No -1.2 6.0 PA Falling No -0.7 3.8
KY Rising No 2.9 5.6 RI Falling Yes -0.4 1.7
WV Falling No -0.2 0.9 MI Rising No 0.2 1.6
NM Falling No -0.5 2.3 CT Falling Yes -0.8 1.8
WI Rising No 0.2 2.8 MA Falling Yes -0.6 3.0
ME Falling No -0.1 2.2 VT Falling No -0.2 0.4
WY Rising No 0.2 2.6 NJ Rising No 0.2 1.7
MT Rising No 0.2 0.8 NY Falling Yes -0.1 1.1
State Trend Net State Trend Net
TN Rising 0 59 59 IN Rising 50 1 -19
CA Falling 68 7 7 IA Rising 53 -9 -8
UT Rising 41 13 13 VA Falling 61 -38 -30
AZ Rising 60 54 54 ID Falling 0 0 0
TX Rising 69 134 134 OH Falling 44 -16 -2
FL Falling 35 0 0 ND Falling 71 -1 -1
OR Rising 66 2 2 SD Rising 55 0 1
SC Rising 25 19 19 MD Falling 51 -33 -35
GA Rising 31 11 11 NH Rising 58 -1 -4
NV Rising 37 3 3 NE Falling 12 -2 -3
OK Rising 68 6 6 KS Falling 0 0 0
AL Falling 7 2 2 LA Rising 77 3 5
NC Falling 69 6 6 MN Falling 41 -14 -9
AK Rising 59 1 1 CO Rising 72 -4 -1
AR Falling 4 6 6 HI Falling 0 0 0
WA Rising 71 5 5 IL Rising 69 -91 -70
MO Rising 70 -1 -1 DE Rising 67 -3 -4
MS Falling 54 2 2 PA Rising 63 -33 -29
KY Falling 63 -16 -16 RI Rising 58 -2 -3
WV Falling 66 -2 -2 MI Falling 63 -14 -15
NM Falling 53 -5 -5 CT Rising 72 -13 -10
WI Rising 68 -9 -9 MA Falling 66 -50 -42
ME Rising 65 0 0 VT Falling 65 -1 0
WY Falling 63 0 0 NJ Rising 67 -64 -36
MT Falling 69 0 0 NY Falling 72 -115 -98
COVID-19 Positive Test Rate By State: 7 Day Moving Average As-Of 6/18/20
At Low?
WoW
Change At Low?
WoW
ChangePositive Test Rate: Distribution & Trajectory Positive Test Rate: Distribution & Trajectory
Positive
Rate
Positive
Rate
COVID-19 Case Count By State: 7 Day Moving Average As-Of 6/18/20
New Cases Per Day: Distribution & Trajectory New Cases Per Day: Distribution & Trajectory
% of
Peak
Days Since
Peak
Days Since
Peak
% of
Peak
COVID-19 Net Hospitalizations By State: 7 Day Moving Average As-Of 6/18/20Days Since
Peak
% of
Peak
Days Since
Peak
% of
PeakNew Hospitalizations Per Day: Distribution & TrajectoryNew Hospitalizations Per Day: Distribution & Trajectory
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: The current account balance data for Q1 is the only data today, which will allow investors
to focus on quadruple witching and rebalancing flows all day. 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 3132.00 109.7 355.4 Gold 1742.40 65.3 29.4
Russell 1444.90 191.9 495.4 Silver 17.94 152.8 112.7
VIX Fut 32.50 -320.2 -701.0 WTI 40.03 306.4 949.1
TSX 934.20 78.8 258.0 Copper 265.20 159.0 66.4
2 Year 19.36 0.0 19.2 Nikkei 22478.79 55.2 77.7
5 Year 34.42 1.1 34.1 CSI 300 4098.71 134.3 238.9
10 Year 72.66 1.8 72.0 ASX 200 5942.58 10.3 162.1
30 Year 150.92 2.8 149.5 STOXX 600 366.83 94.1 360.7
2s10s 53.10 2.0 2.3 BBG USD 1217.80 -16.9 26.4
5s30s 116.34 1.7 3.7 EURUSD 1.1214 8.0 -37.3
5 Yr BE 107.55 2.8 106.6 USDJPY 106.81 -15.0 -53.1
10 Yr BE 128.31 1.9 127.1 EM FX 54.76 33.0 -126.4
Jul '20 99.69 -0.2 0.0 CDX IG 71.98 -3.5 -7.0
Sep '20 99.71 0.0 0.0 iTraxx IG 65.20 -1.8 -4.6
Dec '20 99.68 0.0 0.0 CDX HY 469.27 -2.4 -16.7
Mar '21 99.77 0.0 0.0 iTraxx HY 375.37 -1.6 -22.5
Euro
do
llar
s
Cre
dit
Bespoke Major Asset Class Dashboard
Equ
ity
Futs
Co
mm
od
ity
Trsy
Yie
lds
Int'
l Eq
uit
y
Cu
rve
s/B
E
FX
(bps)(bps)