1. Market Cap of FANGMAN Doubled from March Low

1. Mutual Fund and ETF Stock Fund Flows Have Been Straight Down Since 2016…..Negative $200B+ 2020

Do vs. say-From Advisor Perspectives

Although there is extreme speculation occurring by some cohorts of investors—especially within the options market—the same can’t be said about all behavioral measures of sentiment. Case in point would be equity mutual fund and exchange-traded fund (ETF) flows. As you can see in the chart below, there has been a steady cumulative downdraft in flows since the beginning of 2015—belying the extremes witnessed more recently in the options market. I will speculate that there may be an age/demographic bias at play; with younger traders/investors betting on a rising market (or at least a rise in the stocks on which they’re betting with call options), and older investors less sanguine.

Fund Flows’ More Somber Message

Source: Charles Schwab, Investment Company Institute (ICI), as of 8/31/2020.

1. Wall Street Will Have To Take Millennial Investors Seriously

https://www.economist.com/news/2020/10/20/soon-enough-wall-street-will-have-to-take-millennial-investors-seriously

1. Americas Top 15 Retailers Vs. Amazon.

1. October Earnings Schedule…60% of S&P Reports in Next Two Weeks.

 We get Earnings fromNetflix on Tuesday, Tesla and Verizon on Wednesday, and Intel Thursday. Apple, Amazon, Alphabet, Microsoft and Facebook report the following week.—Dave Lutz at Jones Trading