GDP Beats, But…

After the government “put $5 trillion into a $3 trillion hole,” as Ares Management’s Michael Arougheti so eloquently put it, GDP bounced back sharply last quarter. Unfortunately, it’s still down 2.9% for the year.Keep in mind that this is also the advance read for the third quarter, days before an important presidential election, and that all indications are that the pandemic which powered the initial plunge is gathering steam.

ES is undecided on the import of the data, giving up a nice overnight bounce after slightly overshooting our next downside target yesterday.

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