or indeed, controversially ....this! Chart 5


THE RISK THAT MR TRUMP REFUSES TO CONCEDE AND THE RISK FOR WIDESPREAD CIVIL UNREST IS VERY REAL. THE ECONOMY IS ALSO PROBABLY STALLING - THE LOW HANGING FRUIT OF ACTIVITY STARTING UP AGAIN IS BEHIND US.


Source: Bloomberg


 stocks seemed to swirl around but never actually pointed to that old fashioned trading technique of someone actually selling. You can wrap it   amounted to someone selling in an illiquid market (ahead of a US holiday) 


    fortress like. AAPL now has market cap that is bigger than the value wiped             


THE NASDAQ OF 2020 HAS BECOME A SAFE HAVEN IN TROUBLED TIMES. THE BALANCE SHEETS OF THE INDEX’S MAJOR STOCKS ARE FORTRESS LIKE.


  the horse? At this point probably not. Headwinds are increasing. Event risk is on the horizon. September is always a tricky month but especially so when there is   side is good but then again the market has done well   will dominate. We may not get the result for days   the magnanimous gestures of the rivals, is a huge   economy is also probably stalling - the low hanging fruit   delinquencies at highs and loan defaults rising. Euro  the U.K. and Europe now appears something the U.K.          where there is more hope than substance in some stock prices. But if the Fed - the most important game  in growth stocks should act as a buying opportunity.   


Remember, the last thing that can kill a rally is 


 E: lee.heyman@admisi.com T: +44(0) 20 7716 8523


14 | ADMISI - The Ghost In The Machine | Q3 Edition


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