Florida reports around the top of the hour
There is a strong weekly pattern in Florida coronavirus data and that means today's report will almost-certainly be below yesterday's record number of cases at 15,299. It's also likely to be below 10,000.
Last Monday, Florida reported just 6336 cases on 48,503 tests. That compares to 142,981 tests reported yesterday. A week before that on June 29, there were 6043 cases on 43,530 tests.
The key to watch is the positivity ratio, which is the number of newly-tested patients who are positive. Yesterday that dipped to 11.25% from around 14% over the prior two weeks and as high as 18.25% on July 8. The last two Mondays have tended to skew a bit to the higher side at 16.21% and 14.72%, respectively. That's likely because it's more urgent patients who are tested/reported on days of lowered capacity.
At this point the market should be better at anticipating this effect but I've been saying that for weeks and there have been some strong reactions to the report.
Look for the data at the bottom of the hour, or just after.
About an hour after the Florida data we will hear from Arizona. Later in the day Texas and California will also report. The same weekend effect applies nearly everywhere.
